Mumbai, Aug. 6 -- In a significant move aimed at further facilitating trade in Indian Rupees, the Reserve Bank of India (RBI) has simplified the procedure for opening Special Rupee Vostro Accounts (SRVAs).

As per the revised guidelines issued on Tuesday by the Central Bank, Authorised Dealer (AD) banks will no longer be required to seek prior approval from the central bank for opening SRVAs of correspondent foreign banks.

The RBI said the latest step was taken following a review of the earlier process, which mandated prior approval from the central bank for the opening of SRVA.

"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. ...