ANI
18 Mar 2023, 15:55 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 Tennis Times 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 Tennis Times.
More InformationTexas and Rodney Terry have are in agreement on a five-year contract to make him the permanent head coach, Stadium ...
Milwaukee Bucks star Giannis Antetokounmpo will miss Monday night's game against the host Detroit Pistons due to right knee soreness. ...
The Detroit Tigers acquired infielder Zach McKinstry from the Chicago Cubs in exchange for minor league right-hander Carlos Guzman on ...
The New Orleans Saints signed free agent wide receiver Bryan Edwards on Monday. Terms were not released by the club. ...
The Cleveland Cavaliers are back in the NBA playoffs for the first time since 2018, while the situation for the ...
Villanova star forward Maddy Siegrist announced Monday that she is declaring for the WNBA draft. Siegrist, a first-team All-American, was ...
abuja, nigeria - Nigerian authorities say a rehabilitation program for former Boko Haram sect fighters is helping weaken the group's ...
A female shooter killed three children and three adults at a Christian grade school Monday in the southern U.S. state ...
Washington [US], March 27 (ANI): According to a new study, a history of participation in campus recreational activities might reduce ...
Balochistan [Pakistan], March 27 (ANI): Protests have begun once again in Gwadar against the arrest of Haq Do Tehreek (HDT) ...
Islamabad [Pakistan], March 27 (ANI): The Jamaat-i-Islami (JI) Darband tehsil chapter has demanded that flour be made available to people ...
© Provided by Xinhua GUIYANG, March 27 (Xinhua) -- For more than 30 years, Huang Jinlong, a rural teacher in ...