NEW DELHI: The RBI has granted approval in 60 cases for the opening of Special Rupee Vostro Accounts of correspondent banks from 18 countries, the government said in the Rajya Sabha on Tuesday.
The RBI has allowed invoicing and payments for international trade in the Indian rupee through a circular on July 11 last year for “International Trade Settlement in Indian Rupees”.
This arrangement is expected to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in the Indian rupee. The framework put in place by the RBI is applicable to any partner country seeking to undertake trade with India in the Indian rupees.