RBI has allowed banks from 18 countries to trade in rupee

RBI has allowed banks from 18 countries to trade in rupee: The Reserve Bank of India (RBI) has allowed banks from 18 countries to open Special Vostro Rupee Accounts (SVRAs) for settling payments in Indian rupees, according to a statement by the government to the Rajya Sabha on Tuesday. Union Minister of State for Finance Bhagwat Kishanrao Karad stated that the SVRAs could be set up by banks of partner countries by approaching Authorised Dealer (AD) banks in India that may get permission from the RBI after due procedure.

March 2023 Current Affairs Quiz

18 Countries: Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda, and UK

MoS Finance, Bhagwat Karad informed in the Rajya Sabha. In July 2022, govt informed that it would set up a mechanism to settle international trade in rupees.