RBI efforts boost rupee usage, yet global adoption remains limited
GS3अर्थव्यवस्था · विज्ञान-तकनीक · पर्यावरण · सुरक्षा· External sector, trade & FDI· Prelims + Mains·
चर्चा में क्यों
The RBI has implemented measures to facilitate local currency settlement and Special Rupee Vostro Accounts to boost rupee usage in cross-border trade.
पृष्ठभूमि
The RBI allows correspondent banks in partner countries to open Special Rupee Vostro Accounts with Indian banks. These measures aim to facilitate local currency settlement arrangements with several nations to support India's goal of becoming a developed economy.
प्रीलिम्स के लिए तथ्य
- संस्थाRBI: The Reserve Bank of India is the primary body facilitating Special Rupee Vostro Accounts.
- तथ्यSpecial Rupee Vostro Accounts: Accounts opened by correspondent banks in partner countries with Indian banks for trade settlement.
- तथ्यLocal Currency Settlement: Mechanism to settle cross-border trade in Indian Rupee rather than global reserve currencies.
मेन्स के लिए
Q. Discuss how the promotion of local currency settlement and Special Rupee Vostro Accounts can reduce India's dependence on global reserve currencies in international trade.
उत्तर के आयाम
- Currency diversification: Reducing vulnerability to fluctuations in major global reserve currencies like the USD.
- Trade infrastructure: Challenges in establishing seamless real-time settlement systems across diverse regulatory jurisdictions.
- Geopolitical leverage: Strengthening bilateral trade ties through rupee-denominated transactions to enhance economic sovereignty.
कीवर्ड: Local Currency Settlement · Vostro Accounts · Cross-border Trade · Economic Sovereignty · Currency Diversification
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