RBI has allowed banks from 18 countries to trade in rupee

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.
Recent Post's

  • World Creativity and Innovation Day is observed on April 21, 2026, with the theme “Harnessing Creativity for Global Progress.”

    Read More....

  • India celebrated National Civil Services Day on April 21 to honor civil servants and commemorate Sardar Patel’s 1947 “Steel Frame of India” speech.

    Read More....

  • The foundation for India’s first Petroglyph Conservation Park was laid on April 18, 2026, at Sindhu Ghat in Ladakh to preserve prehistoric rock carvings.

    Read More....

  • The Department of Telecommunications' Samriddh Gram Initiative, built on BharatNet, has been nominated for the prestigious WSIS Prizes 2026.

    Read More....

  • Carlos Alcaraz and Aryna Sabalenka were crowned Sportsman and Sportswoman of the Year at the 2026 Laureus World Sports Awards in Madrid.

    Read More....

  • John Ternus is set to succeed Tim Cook as the CEO of Apple Inc. effective September 1, 2026, as the company shifts focus toward AI innovation.

    Read More....

  • Developed by CSIR-CMERI, the world’s largest solar tree with an 11.5 kWp capacity has been installed in Durgapur to support rural farming.

    Read More....

  • The Reciprocal Exchange of Logistics Support (RELOS) agreement between India and Russia became operational in April 2026, granting mutual access to military bases.

    Read More....

  • Rumen Radev's Progressive Bulgaria party won the national election with 44.7% of the vote, aiming to end years of political instability in the country.

    Read More....

  • The 2026 Goldman Environmental Prize made history with its first all-women lineup of six grassroots activists recognized for protecting global biodiversity.

    Read More....