RBI permits banks to open vostro accounts from 22 countries for trade in rupee
The Reserve Bank of India has allowed 20 banks operating in India to open 92 Special Rupee Vostro Accounts of partner banks from 22 countries in a bid to promote bilateral trade in local currencies. An MoU has also been signed between the RBI and the Central Bank of UAE to allow exporters and importers to invoice and pay in their respective domestic currencies.
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