{"id":31348,"date":"2022-10-12T10:42:21","date_gmt":"2022-10-12T05:12:21","guid":{"rendered":"https:\/\/plyinsight.com\/?p=31348"},"modified":"2022-10-21T12:04:33","modified_gmt":"2022-10-21T06:34:33","slug":"payment-by-rupee-in-global-deals","status":"publish","type":"post","link":"https:\/\/plyinsight.com\/hi\/payment-by-rupee-in-global-deals\/","title":{"rendered":"Payment by Rupee in Global Deals"},"content":{"rendered":"<p>Top public sector banks such as State Bank of India (SBI) and Bank of Baroda are working on the Reserve Bank of India&#8217;s (RBI) latest arrangement to make payments in rupees for international deals. People familiar with the matter gave this information. The move is aimed at boosting trade with Russia, which is facing sanctions from the US and western countries.<\/p>\n<p><strong>The Center has assured banks that if they do not deal with banned goods, banks, companies and people will not be banned by western countries.<\/strong> After getting the assurance from the Center, the banks are in the process of preparing a roadmap to streamline this system.<\/p>\n<p>\u201cInitially, there was a demand to do business with all banks (including banned banks) in rupees. But banks had expressed their concern about the challenges at the international level. The government also understood their concern. Now banks will only transact with non-restricted entities.<\/p>\n<p>In July this year, the RBI had disclosed the rupee settlement mechanism for international trade with a view to boost global trade, especially exports from India. Banks will have to take approval to conduct such transactions and the exchange rate for the currencies of the two trading partner countries will be determined by the market. However, till now the system of business transactions in rupees has not been started by the banks at the ground level.<\/p>\n<p>The new arrangement of RBI will not only increase the predominance of rupee in trade with Russia but will also encourage trade in rupee with countries like Sri Lanka and Iran. 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People familiar with the matter gave this information. The move is aimed at boosting trade with Russia, which is facing sanctions [&hellip;]<\/p>","protected":false},"author":1,"featured_media":31349,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3453],"tags":[3473,1089,3474,1719,1093,99,736,630,2983,629,888],"class_list":["post-31348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-october-articles-22","tag-bankg","tag-banking","tag-campanies","tag-financial","tag-payment","tag-rbi","tag-rupee","tag-sbi","tag-services","tag-state-bank-of-india","tag-trade"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Payment by Rupee in Global Deals - PLY INSIGHT<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/plyinsight.com\/hi\/payment-by-rupee-in-global-deals\/\" \/>\n<meta property=\"og:locale\" content=\"hi_IN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Payment by Rupee in Global Deals - PLY INSIGHT\" \/>\n<meta property=\"og:description\" content=\"Top public sector banks such as State Bank of India (SBI) and Bank of Baroda are working on the Reserve Bank of India&#8217;s (RBI) latest arrangement to make payments in rupees for international deals. People familiar with the matter gave this information. 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