International trading in the local currency will lower transaction costs for the industry, and various nations are in talks with the RBI about this, said Piyush Goyal, minister of commerce and industry, on Thursday.
The RBI and Finance Ministry invited bank executives and leaders of trade associations to encourage export and import transactions in the rupee last year. They want banks in India to establish connections with their international counterparts in order to open specialised rupee vostro accounts that would enable cross-border trade in the rupee rather than the more common US dollar.
