RBI permits banks to open vostro accounts from 22 countries for trade in rupee

RBI permits banks to open vostro accounts from 22 countries for trade in rupee

• The RBI has taken a pivotal step by permitting 20 banks operating in India to open 92 Special Rupee Vostro Accounts (SRVAs) with partner banks from 22 countries. This allows exporters and importers from these nations to conduct trade transactions in domestic currencies, facilitating smoother and more efficient trade practices.
• The list of countries eligible for the Special Rupee Vostro Accounts includes Bangladesh, Belarus, Botswana, Fiji, Germany, Guyana, Israel, Kazakhstan, Kenya, Malaysia, Maldives, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda, and the United Kingdom. This move is expected to foster stronger economic ties between India and these nations.
• The Directorate General of Foreign Trade (DGFT) incorporated provisions in the Foreign Trade Policy to facilitate international trade settlements in INR, covering invoicing, payment, and export/import settlements. Export benefits and fulfillment of Export Obligation are now granted for export realizations in INR, in accordance with RBI guidelines.

Also Read: June Weekly Current Affairs (Important Dates) Bitbank: On which day World Blood Donor Day is celebrated?

                         >> Download Current Affairs PDFs Here

                              Download Sakshi Education Mobile APP

Published date : 28 Jul 2023 05:19PM