According to a top Indian government official, Indonesia and India intend to settle bilateral transactions in local currencies and connect their quick payments systems to promote cross-border financial transfers.
According to the official , Nirmala Sitharaman, the finance minister of India, and Sri Mulyani Indrawati, the finance minister of Indonesia, spoke about the suggestions before to meetings of the G-20 in India. The official stated that the negotiations are advanced and that once formalities are finished, an announcement might be made.
The proposed agreements with Indonesia comes as India inked similar pacts with the United Arab Emirates over the weekend, which will see more trades done in rupees and dirhams and allows for domestic credit cards in processing retail transactions.
The South Asian nation has so far connected its quick payments system with Singapore and is in discussions for similar quick cross-border transactions with a number of other nations, including Japan and France.
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