India, Aug. 5 -- The Reserve Bank of India (RBI) has revised the procedure for opening Special Rupee Vostro Accounts (SRVAs) as part of its framework for international trade settlement in Indian Rupees (INR), initially introduced via A.P. (DIR Series) Circular No.10 dated July 11, 2022.
Previously, Authorised Dealer (AD) banks were required to obtain prior RBI approval before opening SRVAs for correspondent banks to facilitate INR-based cross-border trade transactions.
Following a review of the existing process, the RBI has now eliminated the requirement for prior approval. AD banks are henceforth permitted to open SRVAs independently, without referring to the central bank. This move is expected to significantly streamline and expedite th...