RBI Introduces Mechanism for International Trade Settlements in Rupees

The order takes immediate effect and the mechanism is designed to 'promote growth of global trade with emphasis on exports,' the RBI said.

Swati Bhat

The order takes immediate effect and the mechanism is designed to 'promote growth of global trade with emphasis on exports,' the RBI said.

rbi introduces mechanism for international trade settlements in rupees

The Reserve Bank of India seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. Photo: Reuters/Danish Siddiqui

Mumbai: The Reserve Bank of India (RBI) is putting into place a mechanism for international trade settlements in rupees, which banks will need seek prior approval to use, it said in a release on Monday, July 11.

The order takes immediate effect and the mechanism is designed to "promote growth of global trade with emphasis on exports," the RBI said.

(Reuters)

This article went live on July eleventh, two thousand twenty two, at fifty-two minutes past eight in the evening.

The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.