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RBI, UAE Bank Join Hands To Boost Local Currencies And Payment Systems

  • Posted on July 15, 2023
  • News
  • By Ishna
  • 369 Views
Rupee-Dirham exchange market


In an exciting development, the Reserve Bank of India (RBI) has partnered with the Central Bank of UAE to revolutionize cross-border transactions. The two institutions recently signed two groundbreaking memorandums of understanding (MoUs) that aim to promote the use of local currencies, such as the Indian rupee and UAE Dirham, and enhance cooperation in payment and messaging systems.


The MoUs were signed by the visionary leaders of the respective banks, RBI Governor Shaktikanta Das and CNUAE Governor Khaled Mohamed Balama, in the esteemed presence of Prime Minister Narendra Modi and UAE President Sheikh Mohamed Bin Zayed Al Nahyan in Abu Dhabi.

local currencies
RBI and the Central Bank of UAE join forces to boost local currencies and payment systems, revolutionizing cross-border transactions and promoting economic cooperation for enhanced financial integration.


These agreements lay the foundation for a cutting-edge local currency settlement system, enabling exporters and importers to conveniently invoice and pay in their domestic currencies. This innovative approach will stimulate the growth of the Rupee-Dirham exchange market, empowering businesses and strengthening economic ties between India and the UAE.


Furthermore, the RBI and the Central Bank of UAE have pledged their commitment to collaborate on interlinking the unified payments interface (UPI) and the Instant Payments Platform (IPP). By leveraging these advanced systems, individuals and businesses in both countries will enjoy fast, secure, and cost-effective cross-border funds transfers. Additionally, the integration of card switches, such as RuPay switch and UAESWITCH, will facilitate the seamless acceptance and processing of domestic card transactions.

UAESWITCH,
Reserve Bank of India (RBI) has partnered with the Central Bank of UAE to revolutionize cross-border transactions.


Moreover, the agreement extends to the linkage of payment messaging systems, with the aim of enhancing bilateral financial messaging between India and the UAE. This step will streamline transactions and pave the way for increased investments and remittances between the two nations.


These groundbreaking MoUs mark a significant milestone in promoting economic cooperation and fostering seamless cross-border transactions. With the utilization of local currencies and the integration of advanced payment systems, both India and the UAE are poised for greater financial integration and prosperity.


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Ishna

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