18 Nations Banks allowed to get RBI's nod to trade in INR

18 Countries Banks allowed to get RBI's nod to trade in INR

According to the government of India, the Reserve Bank of India (RBI) has allowed banks from 18 different nations to open Special Vostro Rupee Accounts (SVRAs) in order to settle payments in rupees. Bhagwat Kishanrao Karad, the Union Minister of State for Finance, stated in the Rajya Sabha that the RBI had granted 60 such approvals.

These 18 Countries include Tanzania, Germany, Guyana, Botswana, Fiji, Malaysia, Mauritius, Israel, Kenya, New Zealand, Oman, United Kingdom, Seychelles, Singapore, Sri Lanka, Myanmar, Uganda & Russia. 

Foreign company's holdings are kept in Indian bank using Special Vostro Rupee Accounts in form of Indian Rs.

Amounts paid in rupees by an Indian importer to a foreign trader are credited to this vostro account. Similar to this, funds will be taken out of this account when an Indian exporter wants to be compensated for his goods and services in rupees. The usual account of the exporter will then receive credit.

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