The Reserve Bank of India (RBI) on Wednesday announced a series of measures to facilitate wider use of the Indian Rupee (INR) and other local currencies in international trade transactions.

RBI Governor Sanjay Malhotra said the government has been steadily working to internationalise the rupee, making it widely accepted for global trade, finance, and investment. “We have been making steady progress in this regard,” he added.

As part of the initiative, Authorized Dealer banks in India and their overseas branches may soon be allowed to lend in INR to residents of Bhutan, Nepal, and Sri Lanka, including banks in these countries, to support cross-border trade. Amendments to regulations will be notified shortly.

To further promote settlement of cross-border transactions in INR and other loca

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