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Abu Dhabi: The Central banks of India and UAE on Saturday inked agreements in Abu Dhabi to set up a framework for cross-border transactions in local currencies and interlinking of payment and messaging systems.
These agreements focus on promoting the use of local currencies for cross-border transactions and integrating their payment systems, specifically the Unified Payments Interface (UPI) with the Instant Payment Platform (IPP) of UAE, , Reserve Bank of India (RBI), Central Bank of UAE, United Payment Interface (UPI), Modi UAE Visit
RBI and Central Bank of the United Arab Emirates (UAE) signed two MoUs for the use of local currencies for cross-border transactions.
(This story has not been edited by THE WEEK and is auto-generated from a PTI
India has been promoting cross-border transactions in local currencies to reduce dependence on the US dollar