RBI Permits Banks From 18 Nations To Trade In Rupee: Govt

The government has told Rajya Sabha on Tuesday that banks from 18 nations have been given permission by Reserve Bank of India (RBI) to open Special Vostro Rupee Accounts (SVRAs) in order to conduct payments in Indian Rupees.

Earlier, Union Minister of State for Finance Bhagwat Kishanrao Karad stated that SVRAs could be established by respective banks of partner countries simply by getting in touch with Authorised Dealer in India that may obtain nod from RBI after the necessary procedure, according to a report in The Hindu.

The minister also stated that RBI has already given nod to domestic and foreign AD Banks in 60 cases for opening SRVAs of banks from 18 countries that may include Russia, New Zealand, Myanmar, Seychelles, Sri Lanka, Singapore, Tanzania, Uganda, United Kingdom, Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, and Oman.