Latest news with #SpecialRupeeVostroAccounts
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Business Standard
7 days ago
- Business
- Business Standard
RBI removes prior approval requirement for opening vostro accounts
RBI allows authorised dealer banks to open Special Rupee Vostro Accounts for foreign banks without prior approval, easing rules to boost rupee-based trade Mumbai
Time of India
7 days ago
- Business
- Time of India
RBI tweaks procedure for opening special rupee vostro accounts
The RBI on Tuesday tweaked norms and allowed banks to open Special Rupee Vostro Accounts (SRVAs) of correspondent banks without its prior approval. In July 2022, the Reserve Bank of India (RBI) had put in place an additional arrangement for invoicing, payment, and settlement of exports/ imports in Indian rupee. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Under the arrangement, banks were permitted to open SRVAs of correspondent banks, with the prior approval of the Reserve Bank for settling cross-border trade transactions . by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now Undo "Based on a review of the procedure involved in opening of the SRVA, it has been decided to do away with the need for seeking RBI approval for opening of SRVA," the RBI said in a statement. Banks can now open SRVAs of correspondent banks without referring to the Reserve Bank of India. Live Events The change in procedure will considerably quicken the process for opening of SRVAs, the RBI said.
News18
7 days ago
- Business
- News18
RBI tweaks procedure for opening special rupee vostro accounts
Last Updated: Mumbai, Aug 5 (PTI) The RBI on Tuesday tweaked norms and allowed banks to open Special Rupee Vostro Accounts (SRVAs) of correspondent banks without its prior approval. In July 2022, the Reserve Bank of India (RBI) had put in place an additional arrangement for invoicing, payment, and settlement of exports/ imports in Indian rupee. Under the arrangement, banks were permitted to open SRVAs of correspondent banks, with the prior approval of the Reserve Bank for settling cross-border trade transactions. 'Based on a review of the procedure involved in opening of the SRVA, it has been decided to do away with the need for seeking RBI approval for opening of SRVA," the RBI said in a statement. view comments First Published: August 05, 2025, 18:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
