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India, RBI in talks with South Asian nations for rupee trade

The governor said RBI is also pursuing the possibility of using of UPI for cross-border transactions with South Asian neighbours.

(Image: Twitter/@RBI)

Shaktikanta Das, the governor of the Reserve Bank of India (RBI), said on Jan.06, 2023, said that talks were being held with neighbouring South Asian nations to begin cross-border trade in rupees.

Delivering the keynote address at the IMF conference in Delhi, Das said to promote Indian exports and encourage the growing interest of the international trading community in the rupee, the RBI put in place a mechanism to settle international commerce in rupees in July.

"Intra-regional trade in South Asia can enhance opportunities for growth and employment in the region. Rupee settlement of cross border trade and Central Bank Digital Currency (CBDC) where the RBI has already started moving forward, can also be areas of greater cooperation in the future," the governor said.

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