India and the UAE has signed three MoUs in banking and education sectors. The  MoUs in the banking sector pertain to the use of local currencies for cross-border transactions and cooperation for interlinking their payment and messaging systems.

Under the MOU in the education sector,the Indian Institute of Technology Delhi will set up an IIT campus in Abu Dhabi.

The MoU signed by the Governor of the Reserve Bank of India, Shaktikanta Das and the Governor of the Central Bank of UAE, Khaled Mohamed Balama for the use of local currencies for cross-border transactions covers all current account transactions and permitted capital account transactions.

Mr Das said it will give a big boost to trade between the two countries. The Prime Minister termed the MoUs signed in the banking sector as a very important aspect of India-UAE cooperation saying it will pave the way for enhanced economic collaboration and make international financial interactions simpler.

Meanwhile, Foreign Secretary Vinay Kwatra said that Prime Minister Narendra Modi's visit to UAE was very significant and a landmark in the partnership between the two countries.

Prime Minister Modi and President  Sheikh Mohamed bin Zayed Al Nahyan also held delegation-level talks and a one on one meeting. Discussions touched upon a broad range of areas of bilateral cooperation including trade and investment, fintech, energy, renewables, climate action, higher education and people-to-people ties.

Prime Minister Modi returned to New Delhi last evening after concluding his successful visit to France and the UAE.