The Reserve Bank of India, abbreviated as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. Owned by the Ministry of Finance, Government of India, it is responsible for the control, issue and maintaining supply of the Indian rupee.
The Reserve Bank of India has acknowledged the feasibility of an initiative to use an alternative mechanism to SWIFT for financial exchanges with Russia to facilitate trade settlements in rubles and rupees. The new transaction facilitation mechanism is needed to improve the efficiency of settlements in the national currency and speedy payments.
| September 02, 2024 | Businessline: India considers creation of SWIFT analogue for settlements with Russia feasible |