Budget 2024: Govt reiterates rupee internationalisation commitment but not so easy, say bankers

India's Finance Minister, Nirmala Sitharaman, has emphasized the government's intention to promote the rupee as an international currency. She announced plans to simplify rules and regulations to encourage foreign direct investment and overseas investment in India. The Reserve Bank of India (RBI) has been working on internationalising the rupee for years, allowing persons resident outside India (PROIs) to open rupee accounts outside the country, allow bank lending to PROIs, and facilitate FDI and FPI intvestment through special non-resident rupee and vostro accounts.