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Informist, Wednesday, Apr. 22, 2026

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--CONTEXT: Comments from RBI Deputy Governor T Rabi Sankar at CCIL event

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--RBI Sankar: Have a long-term commitment of internationalising rupee

MUMBAI – Reserve Bank of India Deputy Governor T. Rabi Sankar Wednesday reaffirmed that the internationalisation of the rupee remained a long-term commitment for the central bank, even as recent measures in the foreign exchange market were aimed only at addressing temporary volatility.

Speaking on the sidelines of an event organised by Clearing Corp. of India Ltd., Sankar said the central bank's broader objective is to enable a single, global and accessible market for the dollar-rupee pair, with full participation for global users. "The commitment that we have to having one single global market for the dollar-rupee stands. The commitment that we have to internationalisation of the rupee stands...they are there for the long term," he said. He clarified that recent regulatory steps were taken to manage episodic spikes in volatility, and would be recalibrated as conditions stabilise.

The Deputy Governor emphasised that actions such as restrictions in offshore markets or position limits were not structural shifts, but tactical responses to disorderly market conditions. "Once that is taken care of, we should be back on track," he said, underlining that the RBI intervenes only in cases of "excessive and disruptive volatility."

On whether similar measures could be reintroduced if volatility resurfaces, particularly amid ongoing geopolitical tensions, Sankar indicated that the central bank retains flexibility. "These are measures that we will take a decision on," he said.

Sankar reiterated that improving ease of access and participation remains central to India's financial market strategy. He highlighted efforts to simplify retail participation in government securities, including digital initiatives. "What we can do is make it very easy if someone wants to invest," he said,

The RBI, he said, will continue to focus on market liquidity and operational ease, even as other ecosystem factors such as taxation and investor registration lie beyond its direct remit. "Markets will price based on demand and supply, and we have a very deep, liquid market," he said.

In his speech earlier, Sankar said Clearing Corp. of India Ltd. is well positioned to expand its footprint globally, particularly as other countries seek robust financial infrastructure models. "This can be exported...many countries don't have to reinvent the wheel."

On the policy front, Sankar reiterated that the RBI remained committed to ensuring orderly market functioning and financial stability, stepping in when necessary—as seen during the COVID-19 pandemic. "If there are stresses at any point...whatever we need to do, we will do that," he said.

He also noted that the central bank is seeking feedback on new proposals aimed at reducing financial fraud, including initiatives such as detecting mule accounts, but clarified that these are still at a consultative stage.

Responding to a question on the central bank digital currency, Sankar said the timing of a full-scale rollout would depend on evolving global and domestic conditions. "That is for the future...depending on how the global situation moves and so many other moving parts," he said.  End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Kabir Sharma

Edited by Akul Nishant Akhoury

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