RBI's agenda: liberalization of capital accounts, internationalization of the rupee, and digital payment systems
India's capital account is still not fully opened, preventing unfettered capital movement both within and outside the nation.
In an effort to stay "future-ready for India's fast-growing economy," the Reserve Bank of India (RBI) has outlined a number of aspirational objectives, including the liberalization of capital accounts, the internationalization of the Indian rupee (INR), the universalization of digital payment systems, and the multi-year globalization of the country's financial sector.
The central bank has suggested making the rupee available to non-residents in order to improve accessibility of rupee accounts for individuals who reside outside of India (PROIs) and to facilitate cross-border transactions with the rupee. In the "Aspirational Goals for RBI@100 in a Multi-Year Time Frame" published by the central bank on Friday, it has suggested taking a measured approach to interest-bearing non-resident deposits and promoting Indian multinational corporations (MNCs) and Indian global brands through overseas investments.
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