Bilateral Trade In Local Currency Rising
RBI permitted 123 correspondent banks from 30 trading partner countries to open 156 Special Rupee Vostro Accounts
Bilateral Trade In Local Currency Rising
New Delhi: The government on Friday said so far the RBI has permitted 123 correspondent banks from 30 trading partner countries to open 156 Special Rupee Vostro Accounts (SRVAs) with 26 banks in India to promote bilateral trade in local currencies.
The RBI has also entered into local currency settlement system arrangements with select trade partner countries like the UAE, Indonesia and Maldives for encouraging settlement of cross-border trade in rupee and the local bank of the partner country, Minister of State For Commerce and Industry JitinPrasada said in a written reply to the Rajya Sabha.
