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Top public sector banks may soon end wait on trade settlement in rupee

Finance ministry to meet stakeholders on Wednesday

Topics
sbi | RBI | Global Trade

Shreya Nandi & Nikunj Ohri  |  New Delhi 



export
In July, the RBI unveiled a mechanism to settle international trade transactions in rupee to promote international trade, with emphasis on exports from India

Top public sector — such as State Bank of India (SBI) and (BoB) — are working to make operational the Reserve Bank of India’s (RBI) latest mechanism for settling international payments in rupee, according to people aware of the development. The move is aimed at boosting trade with sanctions-hit Russia.

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First Published: Wed, September 07 2022. 00:00 IST

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