Indian currency will rule the world
The Reserve Bank of India (RBI) has revealed a major scheme on Wednesday, which will make more use in business with neighboring countries. RBI Governor Sanjay Malhotra said that now India’s banks will be able to give loans to Nepal, Bhutan and Sri Lanka. This debt will be especially for the needs related to business. With this plan of RBI, the Indian rupee will soon become an international currency. In fact, about 90% of the exports to India’s South Asian countries go to these countries, which is a big business of about $ 25 billion. This decision will further strengthen the economic relations between India and neighboring countries and the use of the rupee will increase.
Transparency will come in fixing the price of currency
Rbi Has taken another necessary step, under which a clear and reliable reference rates will be made for the currencies of India’s big business partner countries. Calling this in easy language, now there will be transparency in fixing the price of currency. With this, people engaged in business will be able to know how much the price of other currencies is against the rupee. This will make it easier and reliable to billing and transaction in rupee. Meaning, now the traders will have less problems with the fluctuations in the price of the rupee.
Companies will also be able to buy corporate bonds
The third big thing is that RBI has no longer limited the money deposited in the special rupee Vostro accounts (SRVAS) to use it in business. Now foreign investors will also be able to buy corporate bonds and commercial papers with the money deposited in these accounts. Earlier, RBI had given the facility to foreign investors to buy government security with their saving amount of Vostro account. Now the scope of this facility has also been opened to buy the bonds and debt letters of companies. This will provide more options for foreign investors in India and increase the demand for money.
Rupee will become a favorite of neighboring countries
RBI is constantly trying to become a reliable and stable currency not only in India but also internationally. For this, RBI has taken several steps, such as currency exchange agreements between India and other countries, promoting India’s digital payment system (eg UPI) for border transaction, and maintaining the price of rupee stable. Experts say that after this new scheme, the use of rupee in neighboring countries of India will increase further. This will not only ease business, but will also strengthen its value with increasing demand for money. Economically, this step will establish India’s image as a strong and reliable global player.