New Student Offer - Use Code HELLO

Register Now

RBI-UAE signs collaboration for CDBC transactions

Published on March 16, 2023
Current Context: Reserve bank of India and UAE has signed a memorandum of understanding with the central bank of UAE for developing the area of Central bank digital currency (CDBC) cross border transactions.
RBI-UAE signs collaboration for CDBC transactions
  • The two central banks will provide proof-of-concept and pilot projects of CDBC to facilitate cross border payments and remittances and trades.
  • This will reduce costs and increase in the efficiency of cross-border transactions by use of CDBC and increase further ties between the two nations.
  • It will provide technical collaboration and financial services. RBI will run pilot projects of CDBC in both wholesale and retail segments in 2022 in collaboration with other banks.
  • A CDBC or e-retail rupee is a digital currency is backed by a regulator. More than 60 central banks will take part in this.
  • Central bank digital currency (CDBC) will provide easier access to cross border transactions.

Question:

Q.1 Reserve bank of India and __________ has signed a memorandum of understanding with the central bank of UAE for developing the area of Central bank digital currency (CDBC) cross border transactions.
a. UAE

b. US
c. Australia
d. Canada
ebook store

About us

ramandeep singh

Ramandeep Singh, your guide to banking and insurance exams. With 14 years of experience and 5000+ selections, Ramandeep understands the path to success, having transitioned himself from Dena Bank and SBI. He's passionate about helping you achieve your banking and insurance dreams.

  • Follow me:
Close Menu
Close Menu