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

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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.
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