The central Bank of India Reserve Bank has announced on Thursday that, it will allow the opening of Rupee accounts outside India as a part of its strategic action plan to internationalize the domestic currency.The RBI said in its annual report today that it has finalized a strategic plan for 2024-25 and envisaged liberalisation of external commercial borrowing (ECB) framework and 'Go-live' for phase I of software platform for ECBs and trade credits reporting and approval (SPECTRA) project.

The annual report says,“With emphasis on continuous synchronisation of the FEMA operating framework with the evolving macroeconomic environment, rationalisation of various guidelines will be of primary focus.''The Bank of the banks of India said that, it will permit the opening of rupee (INR) accounts outside India by persons resident outside India (PROIs) as part of the 2024-25 agenda.

The report also added, "INR lending by Indian banks to PROIs and enabling foreign direct investment (FDI) and portfolio investment through special accounts [special nonresident rupee (SNRR) and special rupee vostro account (SRVA)."The Rationalisation of the Liberalised Remittance Scheme (LRS) and review of the IFSC regulations under FEMA also are part of the agenda for the current financial year.The report also included that, rationalisation of regulations towards promoting the internationalization of the INR was undertaken to enable the settlement of bilateral trade in local currencies.

RBI declared that liquidity operations would continue to be in sync with the stance of the monetary policy, while the foreign exchange operations would be guided by the objective of ensuring orderly movements in the exchange rate of the rupee.

RBI witnessed a massive surge of 141% in its annual income for FY24 driven by a decline in expenditures, particularly lower provisions. This impressive increase in net income paved the way for the announcement of a record dividend by the central bank. Net interest income soared to 2.1 trillion by the end of March 2024, up from 87,420 crore the previous year.

The central Bank of India Reserve Bank has announced on Thursday that, it will allow the opening of Rupee accounts outside India as a part of its strategic action plan to internationalize the domestic currency.

The RBI said in its annual report today that it has finalized a strategic plan for 2024-25 and envisaged liberalisation of external commercial borrowing (ECB) framework and 'Go-live' for phase I of software platform for ECBs and trade credits reporting and approval (SPECTRA) project.

The annual report says,“With emphasis on continuous synchronisation of the FEMA operating framework with the evolving macroeconomic environment, rationalisation of various guidelines will be of primary focus.''

The Bank of the banks of India said that, it will permit the opening of rupee (INR) accounts outside India by persons resident outside India (PROIs) as part of the 2024-25 agenda.

The report also added, "INR lending by Indian banks to PROIs and enabling foreign direct investment (FDI) and portfolio investment through special accounts [special nonresident rupee (SNRR) and special rupee vostro account (SRVA)."

The Rationalisation of the Liberalised Remittance Scheme (LRS) and review of the IFSC regulations under FEMA also are part of the agenda for the current financial year.

The report also included that, rationalisation of regulations towards promoting the internationalization of the INR was undertaken to enable the settlement of bilateral trade in local currencies.

RBI declared that liquidity operations would continue to be in sync with the stance of the monetary policy, while the foreign exchange operations would be guided by the objective of ensuring orderly movements in the exchange rate of the rupee.

RBI witnessed a massive surge of 141% in its annual income for FY24 driven by a decline in expenditures, particularly lower provisions. This impressive increase in net income paved the way for the announcement of a record dividend by the central bank. Net interest income soared to 2.1 trillion by the end of March 2024, up from 87,420 crore the previous year.