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 InformationNew Delhi [India], December 10 (ANI): Former India batter Wasim Jaffer said on Sunday that the Indian Premier League (IPL) ...
Mumbai (Maharashtra) [India], December 10 (ANI): Former Indian skipper Anjum Chopra expressed surprise at Sri Lankan star Chamari Athapaththu going ...
(Photo credit: Sergei Belski-USA TODAY Sports) For as well as the New Jersey Devils have fared as of late, the ...
Birmingham [UK], December 10 (ANI): Aston Villa skipper John McGinn's lone goal helped his side beat Arsenal in the Premier ...
New Delhi [India], December 10 (ANI): Uncapped Indian pacer Kashvee Gautam, who was picked up for Rs 2 crores in ...
Sevilla [Spain], December 10 (ANI): After Real Madrid shared points with Real Betis in La Liga at Benito Villamarin in ...
The annual rating is led by a dynasty from the UAE for the first timeThe Bloomberg 'World's Richest Families 2023' ...
California [US], December 10 (ANI): In a detailed study, researchers identify which diets are effective in lowering the risk of ...
LONDON - When her husband fled China in 2019 to escape a police crackdown on dissidents, Lu Lina thought she ...
New York [US], December 10 (ANI): Sweden's deputy envoy to the UN, Andreas von Uexkull, said India and Sweden remain ...
Nashville (Tennessee) [US], December 10 (ANI): Six people died after tornadoes and strong thunderstorms hit Tennessee, US, according to CNN. ...
© Provided by Xinhua HEFEI, Dec. 10 (Xinhua) -- As steaks sizzle on the grill pan in a steakhouse located ...