This announcement came in the backdrop of the commodities crisis triggered by Western sanctions against Russia after President Vladimir Putin launched the “special military operation” against Ukraine on February 24, 2022. The process of SVRAs began in July 2022 when the RBI announced that it has decided to put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in Indian rupees. Russia has been a vocal proponent of using trade in local currency for the process of “de-dollarisation”, while India has been supporting the idea of trade in local currency to boost exports. These countries include Fiji, Guyana, Israel, Kenya, New Zealand, Malaysia, Mauritius, Oman, Russia, Seychelles, Botswana, Singapore, Sri Lanka, Tanzania, Germany, Uganda, Myanmar, and the United Kingdom.ĪLSO READ: Indian startups move $250-300 million from Silicon Valley Bank as US allows withdrawals Union Minister of State for Finance Bhagwat Kishanrao Karad stated that the SVRAs could be set up by banks of partner countries by approaching Authorised Dealer (AD) banks in India that may get permission from the RBI after due procedure.Īccording to records, the Reserve Bank of India (RBI) has authorized both domestic and foreign authorized dealer (AD) banks to open 60 Special Vostro Rupee Accounts (SVRAs) for banks from 18 different nations. The Reserve Bank of India (RBI) has allowed banks from 18 countries to open Special Vostro Rupee Accounts (SVRAs) for settling payments in Indian rupees, according to a statement by the government to the Rajya Sabha on Tuesday.
Follow us on Image Source : FREEPIK RBI has allowed banks from 18 countries to open rupee accounts for trade: Government in Rajya Sabha
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