Sri Lanka, Oct. 2 -- The Reserve Bank of India (RBI) has announced fresh measures to promote wider use of the Indian Rupee in cross-border transactions, as part of its strategy to gradually internationalise the currency.

For months now, the Indian government has been taking steps to internationalise the rupee, which refers to the process of making the Indian currency widely accepted and used for global trade, finance, and investment. As part of latest announcements, RBI Governor Sanjay Malhotra proposed three measures to globalise the rupee. This comes amid India's bid to present the rupee as a stable currency.

1. The Reserve Bank said authorised dealer (AD) banks will now be permitted to extend loans in Indian Rupees to non-residents f...