India’s central bank has moved to expand the international role of the Indian rupee, allowing banks to lend and settle trade in the currency with neighbors Sri Lanka, Nepal and Bhutan. The Reserve Bank of India said that authorized dealer banks in India and their overseas branches can extend rupee-denominated loans to residents, businesses and financial institutions in the three countries for trade and related purposes. The RBI also said balances in Special Rupee Vostro Accounts — accounts used to facilitate trade settlement in rupees — can now be invested in corporate bonds and commercial paper, widening their scope beyond…
RBI proposes Indian Rupee lending to Nepal, Bhutan, Sri Lanka
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