Browsing Tag

vostro account

RBI allows banks from 18 countries to trade in rupees. What does it mean?

Jessica Mar 21, 2023

The Reserve Bank of India (RBI) has given permission to banks from 18 countries to open Special Vostro Rupee Accounts (SVRA) and use Indian rupees to settle payments. Indian government informed the parliament of this earlier this week.The…

Business

Multiple Banks Open Special Vostro Accounts For Trade In Rupee

Jessica Feb 16, 2023

The RBI has allowed the special vostro accounts to invest the surplus in government securities. (File)New Delhi: Several banks, including HDFC Bank and UCO Bank, have opened special vostro accounts to facilitate overseas trade…