ANI
18 Mar 2023, 11:25 GMT+10
New Delhi [India], March 18 (ANI): The Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates (CBUAE) have signed an MoU for innovation in financial products in Abu Dhabi, to enhance cooperation and jointly enable innovation in financial products and services.
Under the MoU, the two central banks will collaborate on various emerging areas of fintech, especially central bank digital currencies (CBDCs) and explore interoperability between the CBDCs of CBUAE and RBI. CBUAE and RBI will jointly conduct proof-of-concept (PoC) and pilot(s) of bilateral CBDC bridge to facilitate cross-border CBDC transactions of remittances and trade, according to an RBI statement.
The RBI on Wednesday said this bilateral engagement of testing the cross-border use case of CBDCs was expected to reduce costs, increase the efficiency of cross-border transactions and further the economic ties between India and UAE. The memorandum of understanding (MoU) also provides for technical collaboration and knowledge sharing on matters related to fintech and financial products and services.
Last month, Reserve Bank of India Deputy Governor T Sankar Rabi said eight banks participated in the central bank digital currencies project, which was launched by the central bank on February 8.
The deputy governor said the pilot project currently covers the five cities of Mumbai, New Delhi, Bengaluru, Bhubaneswar and Chandigarh. The RBI launched the first pilot of the digital rupee on December 1, 2022.
Under the Indian Presidency's theme of "One Earth, One Family, One Future", the Finance Ministers and Central Bank Governors of G20 countries, which met on February 24-25 in Bengaluru, committed to enhancing international policy cooperation and steering the global economy towards securing strong, sustainable, balanced and inclusive growth.
According to a statement -- G20 Chair's Summary and Outcome Document -- released by G20 members on February 25, the members said they would continue to explore the macro-financial implications of the potential introduction and widespread adoption of central bank digital currencies (CBDCs), and their effects on cross-border payments, as well as on the international monetary and financial system. (ANI)Get a daily dose of Las Vegas Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Las Vegas Herald.
More InformationMOSCOW, Russia: This week, Russia became the first country to officially recognize the Taliban as the government of Afghanistan since...
CAIRO, Egypt: This week, both Hamas and Israel shared their views ahead of expected peace talks about a new U.S.-backed ceasefire plan....
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
NEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...
PARIS, France: Fast-fashion giant Shein has been fined 40 million euros by France's antitrust authority over deceptive discount practices...
PALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...