The Reserve Bank of India (RBI) has given approval for the opening of Special Vostro Rupee Accounts (SVRAs) so that payments can be made in Indian rupees, the government informed the Rajya Sabha on Tuesday.
Bhagwat Kishanrao Karad, the Union Minister of State for Finance, said in answer to a query from Sushil Kumar Modi of the BJP that SVRAs might be established by partner banks by approaching Authorised Dealer (AD) banks in India who may obtain authorization from the RBI after the proper procedure.
The Reserve Bank of India (RBI) has given approval for the opening of Special Vostro Rupee Accounts (SVRAs) so that payments can be made in Indian rupees, the government informed the Rajya Sabha on Tuesday.
In answer to a query from Sushil Kumar Modi of the BJP and Bhagwat Kishanrao Karad, the Union Minister of State for Finance, said banks from partner nations might establish SVRAs by approaching Authorised Dealer (AD) banks in India, which may receive approval from the RBI after the proper procedure.
