New Delhi, April 02, 2023: Trade between India and Malaysia can now be settled in Indian Rupee (INR) in addition to the current modes of settlement in other currencies. This follows the decision by the Reserve Bank of India in July 2022 to allow settlement of international trade in Indian Rupee (INR). This initiative by RBI is aimed at facilitating the growth of global trade and to support the interests of the global trading community in Indian Rupees (INR).
India International Bank of Malaysia (IIBM), based in Kuala Lumpur, has operationalised this mechanism by opening a Special Rupee Vostro Account through its Corresponding Bank in India i.e. Union Bank of India.
One can check the FAQ available on IIBM’s website (www.Indiainternationalbank.com.my) for more details about India-Malaysia trade settlement in Indian Rupees (INR).