RBI and the Central Bank of UAE (CBUAE) signed two Memoranda of Understanding (MoUs)

RBI and the Central Bank of UAE (CBUAE) signed two Memoranda of Understanding (MoUs) for local currencies trade

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Central Bank of UAE (CBUAE) Central Bank of UAE (CBUAE) and Reserve Bank of India ( RBI) had signed 2 MOUs for local currency trade.

RBI MOU

On the date of the July 15th, RBI signed MOU with the Central Bank of UAE (CBUAE) for establishing the framework for the use of local currencies, namely the Indian rupee (INR) and the UAE Dirham (AED), for cross-border transactions for better economic ties between the two nations &  promoting the use of local currencies for cross-border transactions and interlinking their payment systems, including the Unified Payments Interface (UPI) with the Instant Payment Platform (IPP) of UAE. With the mentioned, MOU also includes linkage of respective Card Switches (RuPay switch and UAESWITCH). The MoUs were signed by the Governor of the Reserve Bank of India, Shaktikanta Das, and the Governor of the Central Bank of UAE, Khaled Mohamed Balama, in the presence of Prime Minister Narendra Modi and UAE President Sheikh Mohamed Bin Zayed Al Nahyan.

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Which among these is India’s central bank and regulatory body under the jurisdiction of the Ministry of Finance?

The Reserve Bank of India, chiefly known as RBI, is India’s central bank and regulatory body responsible for the regulation of the Indian banking system which comes under the jurisdiction of the Ministry of Finance

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