RBI has allowed banks from 18 countries to trade in rupee

Daily Current Affairs / RBI has allowed banks from 18 countries to trade in rupee

Change Language English Hindi

Category : Business and economics Published on: March 17 2023

Share on facebook

Banks from 18 countries have been permitted by the Reserve Bank of India (RBI) to open Special Vostro Rupee Accounts (SVRAs) for settling payments in Indian rupees.
These 18 nations include Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda and the United Kingdom.
A vostro account is an account that domestic banks hold for foreign banks in the former’s domestic currency.
Domestic banks use it to provide international banking services to their clients who have global banking needs.

Tesla signs $16.5 billion deal with Samsung to produce AI chips at Texas plant.
Read More....
Anuradha Thakur appointed as Director on RBI Central Board, replacing Ajay Seth.
Read More....
Shriram Life and ESAF Bank partner to expand rural insurance through 788 branches.
Read More....
Shubman Gill scores four centuries as debut Test captain, sets new world record.
Read More....
Seema wins silver in 5000m, becomes first Indian woman medalist in event at World University Games.
Read More....
AHRR hosts SHAPE 2025, first Armed Forces conference on sustainable hospitals.
Read More....
Divya Deshmukh wins 2025 Women’s Chess World Cup, becomes India’s first female winner and 88th Grandmaster.
Read More....
India–Singapore 'Bold Kurukshetra 2025' military exercise begins in Jodhpur.
Read More....
Türkiye unveils GAZAP, its most powerful non-nuclear 970-kg bomb at IDEF 2025.
Read More....
DRDO successfully conducts two tests of Pralay missile validating its full range.
Read More....

RBI has allowed banks from 18 countries to trade in rupee