News on AIR

Total value of ₹2000 banknotes received back from circulation is ₹3.32 lakh cr up to August 31, 2023: RBI

Reserve Bank of India (RBI) has said that the total value of ₹2000 banknotes received back from circulation is ₹3.32 lakh crore up to August 31, 2023. According to a Press note, 93 percent of the ₹2000 banknotes in circulation as of May 19, 2023, have since been returned. RBI stated that data collected from major banks indicates that out of the total banknotes in ₹2000 denomination received back from circulation, about 87 percent is in the form of deposits. The remaining 13 percent has b...

July 15, 2023 5:10 PM

India and UAE Strengthen Economic Cooperation with Dual MoU Signing for Local Currency Settlement and Payment System Interlinking

Abu Dhabi, July 15, 2023 - The Reserve Bank of India (RBI) and the Central Bank of the UAE (CBUAE) have solidified their commitment to fostering economic cooperation and seamless cross-border transactions by signing two Memorandums of Understanding (MoUs). The MoUs, exchanged in the presence of Prime Minister Narendra Modi and UAE President Sheikh Mohamed Bin Zayed Al Nahyan, aim to promote the use of local currencies and facilitate the interlinking of payment and messaging systems. The fir...