#indianrupee

Digital Rupee will be backed by RBI, other cryptocurrencies will never be legal tenders: Finance Secretary

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After Finance Minister Nirmala Sitharaman announced that RBI will launch a digital Rupee in her budget speech yesterday, Finance Secretary TV Somanathan has confirmed that India’s digital currency will be backed by the Reserve Bank of India which will be the only legal digital currency in the country. In a post-budget briefing in Delhi on Wednesday, the North Block … Read more

Banks in 22 countries including Russia, UK, Germany, Israel open special Vostro accounts in Indian banks to trade in Indian Rupee

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Banks from 22 countries have opened special Rupee vostro accounts in Indian banks in order to trade in local currency as part of gradual de-dollarisation plans, the Parliament was informed on Friday. Simply put, vostro accounts enable domestic banks to provide international banking services to clients who have global banking needs. In a written reply … Read more