CURRENT AFFAIRS : BANKING & FINANCE
India & UAE set up Framework For Local Currency Settlement In Cross-Border Transactions
- The Reserve Bank of India (RBI) and the Central Bank of UAE (CBUAE) signed two Memorandum of Understandings (MoUs) in Abu Dhabi for establishing a framework to promote the use of local currencies for cross-border transactions; and cooperation for interlinking their payment and messaging systems.
- The MoUs were signed by RBI Governor Shaktikanta Das and the CBUAE Governor Khaled Mohamed Balama.
- The MoUs were exchanged between the two Governors, in the presence of Indian Prime Minister Shri Narendra Modi and President of the UAE Mr Sheikh Mohamed Bin Zayed Al Nahyan.
