Indian banks to soon lend in rupees to overseas borrowers? RBI seeks govt nod – Economy News
The Reserve Bank of India is taking a major step towards the internationalization of the Rupee. As per a Reuters report, the central bank has sought approval from the government to allow domestic banks to lend in rupees to overseas borrowers. As per the sources quoted by Reuters, last month, the proposal was sent by the Reserve Bank to the Finance Ministry. The proposal suggested allowing the domestic banks and their foreign branches to lend in rupees to non-residents in neighbouring countries like Bangladesh, Nepal, Sri Lanka, and Bhutan. Impact...