Intent to not lag China is behind moves to promote INR trade

The linking of 'card switches' will facilitate mutual acceptance of domestic cards and processing of card transactions

During the visit of our Prime Minister to the United Arab Emirates (UAE), the chiefs of the Reserve Bank of India and the Central Bank of UAE signed two memoranda of understanding (MoU) establishing a framework to promote the use of local currencies viz. the Indian rupee (INR) and the UAE dirham (AED) for cross-border transactions and cooperation for interlinking their payment and messaging systems. Over a period of time, progress in translating these intentions into practical reality can help the individuals who want ease and convenience for their small-value transactions regardless of the costs. Under the MoU on ‘Payments