Short Article

03-08-2023 | 11:11 AM

Internationalization of Rupee

• Reserve Bank of India (RBI) has recommended several measures for Internationalization of rupee which is a process that involves increasing use of the local currency in cross-border transactions.
• Reserve Bank of India (RBI) had set up an Inter-Departmental Group (IDG) under RBI Executive Director Radha Shyam Ratho to review the position of the rupee as an international currency.
• The RBI panel recommendations recommended the inclusion of the rupee in Special Drawing Rights (SDR) basket.
• The SDR is an international reserve asset created by the IMF (International Monetary Fund) to supplement the official reserves of its member countries.