The Reserve Bank of India (RBI) on March 15 said that it has signed a Memorandum of Understanding (MoU) with the Central Bank of United Arab Emirates for promoting innovation in financial product and services.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
Both central banks will collaborate on various emerging areas of FinTech, especially Central Bank Digital Currencies (CBDCs), and explore interoperability between the CBDCs of UAE’s central bank and the RBI.
Central Bank of UAE and RBI will jointly conduct proof-of-concept (PoC) and pilot(s) of bilateral CBDC bridge to facilitate cross-border CBDC transactions of remittances and trade.
This bilateral engagement of testing cross-border use case of CBDCs is expected to reduce costs, increase efficiency of cross border transactions and further the economic ties between India and UAE.
The MoU also provides for technical collaboration and knowledge sharing on matters related to Fintech and financial products and services.
The US President, Donald Trump, made a groundbreaking announcement about a major oil deal with…
The Asian Games 2026, which is formally known as the Aichi-Nagoya 2026, will see thousands…
The Indian men's hockey team finished their participation in the FIH World Cup at the…
Gujarat has launched the India's first state-level Sports Genomics Programme. The programme attempts to incorporate…
There has been remarkable progress in the India's fight against the disease, which saw the…
The large-scale breakage of a glacier in the Himalayas, which is situated close to the…