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

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Category : Business and economics Published on: March 17 2023

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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.