RBI has allowed banks from 18 countries to open rupee accounts for trade: Govt
2 years ago

RBI has allowed banks from 18 countries to open rupee accounts for trade: Govt

India TV News  

RBI has allowed banks from 18 countries to open rupee accounts for trade: Govt The Reserve Bank of India has allowed banks from 18 countries to open Special Vostro Rupee Accounts for settling payments in Indian rupees. The Reserve Bank of India has allowed banks from 18 countries to open Special Vostro Rupee Accounts for settling payments in Indian rupees, according to a statement by the government to the Rajya Sabha on Tuesday. According to records, the Reserve Bank of India has authorized both domestic and foreign authorized dealer banks to open 60 Special Vostro Rupee Accounts for banks from 18 different nations. As per records, the RBI has granted approval to banks from 18 nations, including Fiji, Guyana, Israel, Kenya, New Zealand, Malaysia, Mauritius, Oman, Russia, Seychelles, Botswana, Singapore, Sri Lanka, Tanzania, Germany, Uganda, Myanmar, and the United Kingdom.

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History of this topic

India bolsters rupee trade: RBI gives nod for 156 vostro accounts with 26 banks for partner nations
1 month, 3 weeks ago

India bolsters rupee trade: RBI gives nod for 156 vostro accounts with 26 banks for partner nations

India TV News  

In a significant step towards boosting bilateral trade in local currencies, the Reserve Bank of India has approved 156 Special Rupee Vostro Accounts across 26 Indian banks. These accounts have been opened by 123 correspondent banks from 30 trading partner countries with an aim to enable smoother trade settlements in rupees. "As of date, RBI has permitted 123 Correspondent banks …

Mint Primer | The significance of RBI’s plan to take the rupee global
2 months, 1 week ago

Mint Primer | The significance of RBI’s plan to take the rupee global

Live Mint  

The Reserve Bank of India has allowed non-residents to open rupee accounts in the overseas branches of India-registered authorized dealer banks to conduct cross-border transactions. In a circular last week, RBI allowed overseas branches of authorized dealer banks to open rupee accounts for non-resident Indians for settling current and capital account transactions with Indian residents. RBI also allowed non-resident Indians …

Mint Primer | The significance of RBI’s plan to take the rupee global
2 months, 1 week ago

Mint Primer | The significance of RBI’s plan to take the rupee global

Live Mint  

The Reserve Bank of India has allowed non-residents to open rupee accounts in the overseas branches of India-registered authorized dealer banks to conduct cross-border transactions. In a circular last week, RBI allowed overseas branches of authorized dealer banks to open rupee accounts for non-resident Indians for settling current and capital account transactions with Indian residents. RBI also allowed non-resident Indians …

RBI announces steps to encourage cross-border transactions in Indian rupee
2 months, 2 weeks ago

RBI announces steps to encourage cross-border transactions in Indian rupee

The Hindu  

The Reserve Bank of India on Thursday announced liberalised norms to encourage use of Indian Rupee and local/national currencies to settle cross border transactions. The Reserve Bank has already signed Memorandum of Understanding with the central banks of the United Arab Emirates, Indonesia and Maldives to encourage cross-border transactions in local currencies, including Indian Rupee. "Overseas branches of Authorized Dealer …

RBI allows NRIs to open rupee accounts abroad with authorized banks
2 months, 2 weeks ago

RBI allows NRIs to open rupee accounts abroad with authorized banks

Live Mint  

MUMBAI : Non-residents will now be able to open rupee accounts in the overseas branches of India-registered authorized dealer banks and conduct cross-border transactions in rupees as the central bank eased rules in a move aimed at internationalization of the local currency. According to these new guidelines, RBI has allowed overseas branches of authorized dealer banks to open rupee accounts …

Vostro accounts to get a feature upgrade
4 months, 3 weeks ago

Vostro accounts to get a feature upgrade

Live Mint  

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 …

Several countries willing to settle trade in Indian Rupee as it cuts transaction cost: Commerce Min Piyush Goyal
1 year, 11 months ago

Several countries willing to settle trade in Indian Rupee as it cuts transaction cost: Commerce Min Piyush Goyal

Firstpost  

Till now, 18 countries have opened Special Vostro Rupee Accounts to settle trade in INR New Delhi: Several countries are in talks with India’s central bank, RBI, to facilitate overseas trade in Indian rupee as it helps cut transaction cost, said Commerce and Industry Minister Piyush Goyal. So far, 18 countries have opened Special Vostro Rupee Accounts to settle trade …

Rupee trade arrangement to help cut transaction cost: Piyush Goyal
1 year, 11 months ago

Rupee trade arrangement to help cut transaction cost: Piyush Goyal

The Hindu  

International trade in the domestic currency will help reduce transaction cost for the industry and several countries are in discussion with the RBI on this, Commerce and Industry Minister Piyush Goyal said on Thursday. They want banks in India to connect with their foreign counterparts for opening special rupee vostro accounts to facilitate cross-border trade in the Indian currency rather …

Rupee trade arrangement to help cut transactions cost: Goyal
1 year, 11 months ago

Rupee trade arrangement to help cut transactions cost: Goyal

Deccan Chronicle  

ROME: International trade in the domestic currency will help reduce transaction cost for the industry and several countries are in discussion with the RBI on this, Commerce and Industry Minister Piyush Goyal said on Thursday. They want banks in India to connect with their foreign counterparts for opening special rupee vostro accounts to facilitate cross-border trade in the Indian currency …

Rupee marches on: Sri Lanka's Seylan Bank opens INR-denominated Nostro account in Indian Bank
2 years ago

Rupee marches on: Sri Lanka's Seylan Bank opens INR-denominated Nostro account in Indian Bank

Firstpost  

Settling transaction in Indian rupee will help traders of both India and Sri Lanka who are facing shortages in Foreign Exchange Colombo: Settlement of international trade in Indian rupee has been expanding worldwide. To facilitate seamless cross-border transactions, Sri Lanka’s Seylan Bank has opened a rupee-denominated Nostro account in an Indian Bank in Mumbai. India-based State Bank of India has …

RBI has allowed banks from 18 countries to trade in rupee: government in Rajya Sabha
2 years ago

RBI has allowed banks from 18 countries to trade in rupee: government in Rajya Sabha

The Hindu  

March 14, 2023 09:36 pm | Updated March 15, 2023 09:14 am IST - NEW DELHI Banks from 18 countries have been permitted by the Reserve Bank of India to open Special Vostro Rupee Accounts for settling payments in Indian rupees, the government told the Rajya Sabha on Tuesday. In response to a question from BJP’s Sushil Kumar Modi, Union …

Eight countries open 50 special rupee vostro accounts in 6 months to trade in INR
2 years ago

Eight countries open 50 special rupee vostro accounts in 6 months to trade in INR

Firstpost  

Special vostro account holders are allowed to invest surplus balance in Indian government securities. The facility has been provided by the RBI to help popularise the new arrangement New Delhi: Eight countries have opened Special Rupee vostro Account to facilitate overseas trade in Indian rupee. Don’t Miss: Indian rupee could be the new dollar, says ‘Doctor Doom’ Nouriel Roubini Special …

Explained | Vostro accounts and how they facilitate trade
2 years, 1 month ago

Explained | Vostro accounts and how they facilitate trade

The Hindu  

The story so far: Last week, government officials informed that 20 Russian banks, including Rosbank, Tinkoff Bank, Centro Credit Bank and Credit Bank of Moscow have opened Special Rupee Vostro Accounts with partner banks in India. It helps domestic banks gain wider access to foreign financial markets and serve international clients without having to be physically present abroad. The authorised …

Indian banks 'overcautious' in Rupee-Rouble trade settlement owing to US restrictions: Russian envoy
2 years, 1 month ago

Indian banks 'overcautious' in Rupee-Rouble trade settlement owing to US restrictions: Russian envoy

Firstpost  

Denis Alipov affirmed that restrictions on Russia’s use of SWIFT will not be lifted in the near future. He added that India and Russia ’need to invent something new’ to continue their economic relations and trade New Delhi: Russia says Indian banks are cautious about using a rupee-rouble payment system for trade settlement because of concerns about “secondary restrictions” from …

Indian Bank to hold special Rupee Vostro accounts of 3 Sri Lanka banks
2 years, 2 months ago

Indian Bank to hold special Rupee Vostro accounts of 3 Sri Lanka banks

Firstpost  

New Delhi: Economic crisis-hit Sri Lanka has been keen to trade in the Indian rupee and to speed up the process, an Indian public sector bank – Indian Bank - has received a regulatory approval to hold special Vostro accounts of three banks from the South Asian island nation. Rupee Vostro accounts keep a foreign entity’s holdings in the Indian …

Sri Lanka, Russia to use Indian rupee for international trade, more countries in talks
2 years, 3 months ago

Sri Lanka, Russia to use Indian rupee for international trade, more countries in talks

Firstpost  

Sri Lankan banks have reportedly opened special rupee trading account called - Special Vostro rupee accounts, or SVRA - for trading in INR New Delhi: Sri Lanka has agreed to use Indian rupee for international trade. It comes days after the Government of India said it is looking at ways to bring countries that are particularly short of dollars into …

Banks looking at possibility of initiating rupee trade with Bangladesh, African nations
2 years, 3 months ago

Banks looking at possibility of initiating rupee trade with Bangladesh, African nations

Firstpost  

India imported goods worth $3,520.83 million from Egypt, of $1,004.24 million from Algeria and $2,725.08 million from Angola in the last financial year New Delhi: Banks are looking at the possibility of initiating rupee trade with Bangladesh and African countries like Egypt as part of exercise to make rupee an international currency, sources said. Currently rupee trade arrangements are with …

HDFC Bank, Canara Bank get RBI nod for rupee trade with Russia: Report
2 years, 4 months ago

HDFC Bank, Canara Bank get RBI nod for rupee trade with Russia: Report

Live Mint  

The Reserve Bank of India has allowed leading private sector lender HDFC Bank Ltd and state-run Canara Bank Ltd to open a special "vostro account" for trade in rupees with Russia, news agency Reuters quoted a report as saying on Monday. These Russian banks are the first foreign lenders to receive this approval after the RBI announced the guidelines on …

Nine special vostro accounts opened for trade in rupee after RBI approval
2 years, 4 months ago

Nine special vostro accounts opened for trade in rupee after RBI approval

The Hindu  

As many as nine special vostro accounts have been opened with two Indian banks after permission from the Reserve Bank of India to facilitate overseas trade in rupee, a top government official said on Tuesday. The move to open the special vostro account clears the deck for settlement of payments in rupee for trade between India and Russia, enabling cross-border …

Two Russian Banks open special vostro account in Delhi for overseas rupee trade
2 years, 5 months ago

Two Russian Banks open special vostro account in Delhi for overseas rupee trade

Live Mint  

In order to facilitate overseas trade in rupee, Two Russian banks, Sberbank and VTB Bank have opened a special vostro account in their respective branches in Delhi, news agency PTI has reported citing sources. These banks have opened special vostro account in their respective branches in Delhi, sources have said. Earlier last month, UCO Bank received RBI's approval of opening …

Russian banks open special vostro accounts for foreign trade in rupee following RBI approval
2 years, 5 months ago

Russian banks open special vostro accounts for foreign trade in rupee following RBI approval

India TV News  

Highlights Russia's Sberbank and VTB Bank got approval from RBI to facilitate foreign trade in rupee Both the Russian banks opened special vostro accounts in each of their Delhi branches The RBI is keen to promote cross-border trade in rupee Russian banks: After getting a nod from the Reserve Bank of India, at least two Russian banks have opened special …

RBI deals a blow against dollar dominance
2 years, 8 months ago

RBI deals a blow against dollar dominance

Live Mint  

The immediate impact of the Reserve Bank of India’s decision to permit settlement of international trade payments in rupees might be to facilitate ongoing trade with Russia and open a window for Sri Lanka to import desperately needed fuel, food and medicines from India on the strength of a rupee line of credit that India could offer. One or more …

RBI Announces Measures for International Trade Settlement in Rupees
2 years, 8 months ago

RBI Announces Measures for International Trade Settlement in Rupees

News 18  

Mumbai: The Reserve Bank on Monday asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. For settlement of trade transactions, the concerned banks will require Special Rupee Vostro Accounts of correspondent bank/s of the partner trading country. “Indian importers …

RBI announces measures for international trade settlement in rupees
2 years, 8 months ago

RBI announces measures for international trade settlement in rupees

India TV News  

The Reserve Bank on Monday asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of the increasing interest of the global trading community in the domestic currency. Apex exporters' body Federation of Indian Export Organisations said as per existing FEMA provisions, the final settlement has to be in free foreign exchange …

Four foreign banks have applied to open local units: RBI
9 years, 7 months ago

Four foreign banks have applied to open local units: RBI

Live Mint  

Mumbai: Four foreign banks have applied to the Reserve Bank of India to set up local subsidiaries in the country, almost two years after the central bank announced guidelines for these banks to open local units in the world’s fastest growing major economy. RBI has promised “near-national treatment” to foreign banks opening local subsidiaries in India, which would allow them …

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