Friday, December 2, 2022
HomeEconomyRBI approves 12 'vostro' accounts for rupee transactions - official

RBI approves 12 'vostro' accounts for rupee transactions – official

NEW DELHI (Reuters) – India’s central bank has given green light to banks to open special “vostro accounts” for trading with trading partners, RBI executive director Deepak Kumar said on Friday. To trade in rupees.

Vostro accounts are held by one bank on behalf of another bank (usually a foreign bank) and are an essential part of correspondent banking.

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