UAE and India to create bilateral settlement system
Messaging link would remove need for Swift, RBI governor says
The Reserve Bank of India and Central Bank of the UAE have signed two memorandums of understanding to settle trade in rupees and dirhams, and interlink their payment and messaging systems.
India is the UAE’s second-largest trading partner and the UAE is India’s third after the US and China.
RBI governor Shaktikanta Das and CBUAE governor Khaled Mohamed Balama signed the memorandums in Abu Dhabi on July 15.
Balama said the agreements reflect both central banks’ ambitions to process and settle
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