Mumbai: India's central bank on Wednesday proposed steps to boost the Indian rupee’s, global use, including allowing local banks to lend in rupees to businesses in neighboring countries and setting official reference exchange rates for major trading partner's currencies.

Reserve Bank of India Governor Sanjay Malhotra announced the measures alongside the central bank's monetary policy decision on Wednesday wherein India's rate-setting panel decided to keep rates unchanged, along expected lines.

\"We have been making steady process in this regard,\" Malhotra said, referring to the rupee's internationalization, and said that under the proposed changes, authorized Indian banks will be permitted to make rupee-denominated loans to non-residents from Bhutan, Nepal and Sri Lanka, for cross-borde

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