India introduces mechanism for international trade settlements in rupees

FILE PHOTO: Reserve Bank of India logo is seen at the gate of its office in New Delhi

MUMBAI (Reuters) - The Reserve Bank of India is putting into place a mechanism for international trade settlements in rupees, which banks will need seek prior approval to use, it said in a release on Monday.

The order takes immediate effect and the mechanism is designed to "promote growth of global trade with emphasis on exports," the RBI said.

For the detailed release, please see:

(Reporting by Swati Bhat; editing by John Stonestreet)

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