Last month, RBI asked banks to put in place additional arrangements for export and import transactions in Indian rupees.

Sitharama also reportedly stated that central bank has put in place the arrangement in order to promote growth of global trade by reducing the dependence on hard currency.

Finance Minister Nirmala Sitharaman reportedly said that the Reserve Bank of India (RBI) has taken steps to promote rupee as the preferred currency for global trade in order to promote exports.

"RBI has put in place the arrangement for invoicing, payment, and settlement of exports/imports in INR in order to promote growth of global trade with emphasis on exports from India," Sitharama said in a written reply to the Lok Sabha.

Sitharama also reportedly stated that central bank has put in place the arrangement in order to promote growth of global trade by reducing the dependence on hard currency.

Last month, RBI asked banks to put in place additional arrangements for export and import transactions in Indian rupees.