Cross-Border Trade Rails: Bilateral Rupee Settlement & Digital Public Infrastructure
Session video recording will be published here once held.
Executive Summary
Central banking specialists, cross-border payment founders, and forex treasurers discuss connecting UPI with national payment switches worldwide and internationalising the Indian Rupee (INR).
Key Discussion Points
- 1Special Rupee Vostro Accounts (SRVA) are active across 24 countries, facilitating direct local-currency trade settlements.
- 2Bilateral linkages between UPI and payment systems in UAE, Singapore, Sri Lanka, and Mauritius are lowering cross-border remittance fees by 75%.
- 3Digital Rupee (e-INR) wholesale tokenised settlements are piloting instant delivery-versus-payment (DvP) in government securities.
Main Policy & Industry Recommendations
Expand bilateral currency swap lines with key trading partners across ASEAN and the African Union.
Enable instant digital escrow services for SME cross-border e-commerce consignments via UPI rails.
Strategic Industry Implications
Shields Indian trade commerce from unilateral financial sanctions and reduces dollar conversion friction for exporters.
Session Transcript
Timestamped recordThe international financial system is undergoing its most profound structural shift since Bretton Woods. India's Digital Public Infrastructure provides a real-time, low-cost model that partner nations want to connect with.
Siddhartha Roy
Former Chief Economist
State Bank of India
Tanvi Saxena
VerifiedChief Product Officer
NPCI International
Instant Cross-Border Settlement Protocols
Arunav Sen
VerifiedGlobal Head of Treasury
ICICI Bank Global Markets
Vostro Settlement & Trade Finance
- ›RBI Framework for International Trade Settlement in Indian Rupees.
- ›NPCI International Payments (NIPL) Cross-Border Expansion Roadmap.