Vostro accounts to get a feature upgrade
The Reserve Bank of India may permit the use of rupee vostro accounts for a wider variety of transactions, two people aware of the plans said, a move that promises to enhance the utility of these accounts and advances the use of the rupee in cross-border trade. Additionally, the RBI aims to enable bank lending to PROIs and facilitate foreign direct investment and foreign portfolio investment through special non-resident rupee and vostro accounts. Internationalizing the rupee The central bank's initiatives to internationalize the rupee and the government’s push to establish it as a hard currency are positive steps, but significant challenges remain, said Ajay Sahai, director general & chief executive officer of the Federation of Indian Export Organisations. According to the second person cited earlier, the rupee vostro accounts maintained by foreign institutions with Indian banks play a vital role in promoting international trade in the Indian rupee.
Two Russian Banks open special vostro account in Delhi for overseas rupee trade
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