Four more countries were attracted to the trade settlement mechanism of Rs

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New Delhi: India's Rupee Settlement Mechanism, a means of using rupees instead of dollars and other major currencies for international transactions, is drawing interest from more countries.

According to official information, Tajikistan, Cuba, Luxembourg and Sudan have started talking with India about using the mechanism. It has been used by Russia after imposing sanctions on Moscow over the Ukraine war. The Reserve Bank of India set up this mechanism in July. The government is looking to bring countries that are short of dollars into the mechanism, said a source familiar with the matter.

Four countries have expressed interest in opening special rupee accounts, known as vostro accounts, but partner banks in India have not yet provided those facilities, documents show. Reserve Bank of India approval is required for opening these accounts. Mauritius and Sri Lanka have also shown interest.

India's central banks have approved the opening of 12 vostros to trade in rupees with Russia. Another six accounts have been authorized, including five for trade with Sri Lanka and one for trade with Mauritius.

India continues to discuss the value of trading in rupees with major trading partners including crude suppliers Saudi Arabia and the United Arab Emirates.

Details of a possible rupee-dirham trade mechanism are being worked out by the Indian and UAE central banks. Discussions are also ongoing on the Rupee-Rial trade mechanism with Saudi Arabia.

India's central bank has allowed holdings of any rupee in government securities as part of rules issued earlier this year.

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