RBI and CBUAE Sign Agreements to Boost Cross-Border Transactions and Payment Systems Integration

The RBI and the CBUAE have signed two agreements that are designed to strengthen their financial ties. The first MoU, which was signed in Abu Dhabi, UAE, was attended by the Prime Minister of India, Mr. Narendra Modi, and His Excellency, Mr. Sheikh Mohammad bin Zayed Al Nuhayan. This agreement establishes a framework for international transactions that use local currencies and aims to integrate payment systems. The second MoU, on the other hand, focuses on cooperation for the interlinking of payment systems. The aim is to facilitate and speed up international payments while guaranteeing safety, effectiveness, and dependability. By integrating payment systems, real-time settlement, and reduced transaction costs, the two countries are expected to foster economic cooperation between them.