RBI to step up push for rupee internationalisation, explores faster cross-border payments
Reserve Bank of India (RBI) Governor Sanjay Malhotra announced on Tuesday that the RBI is intensifying efforts to internationalise the rupee and enhance cross-border payments. The initiative aims to reduce costs and improve transaction speeds, particularly in retail, through collaboration with BRICS nations. The RBI plans to leverage technologies like Unified Payments Interface (UPI) for faster transactions.