MUMBAI (Reuters) – The Reserve Bank of India 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.
The order takes immediate effect and the mechanism is designed to “promote growth of global trade with emphasis on exports,” the RBI said.
For the detailed release, please see: https://bit.ly/3bYTgBb
(Reporting by Swati Bhat; editing by John Stonestreet)
