India is going to create a new alternative to SWIFT
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The Economic Times: India is exploring the possibility of creating an alternative to SWIFT
The Indian authorities are considering the possibility of developing an alternative to the SWIFT interbank information exchange system for settlements in international trade in rupees.
The Indian authorities are exploring the possibility of developing their own alternative to the SWIFT interbank information exchange system in order to settle international trade in rupees. The newspaper The Economic Times writes about it.
The country's government is confident that this will increase the role of the Indian currency in the global financial system. According to the publication, an expert commission has been formed on this issue, which will soon provide its developments.
The creation of its own international financial information exchange system will help "increase the role of the Indian currency in the global financial system," the newspaper said, citing sources.
According to her, the government has already formed an expert commission on this issue, which should soon present the results of its work. The Commission is advised by representatives of the Indian banking sector, in particular the State Bank of India, the Central Bank, the Bank of Baroda.
In recent years, India has regularly raised the topic of settlements in trade in national currencies in bilateral contacts, in particular with Russia, the BRICS countries and Africa.
In July 2023, an interdepartmental working group of the Reserve Bank of India (RBI, the central bank) noted that India could use the existing payment systems in the country for this purpose, the most popular of which are UPI, RuPay.
As specified, consultations for it are carried out by representatives of the Indian banking sector, including the State Bank of India, the Central Bank, and the Bank of Baroda.
Earlier, Life said that for the first time in history, Russia entered the top 3 largest trading partners of India. From January to May, trade between the countries reached a record $27.1 billion.