RBI has given permission to banks of 22 countries to open Special Vostro Rupee Accounts (SVRA) and use Indian rupees to settle payments.
SVRA Of 22 Countries
They are Bangladesh, Belarus, Botswana, Fiji, Germany, Guyana, Israel,
Kazakhstan, Kenya, Malaysia, Maldives, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda, and United Kingdom.
Currently, Russia, Sri Lanka, and Mauritius have opened Vostro accounts.
Another dozen+ countries are following suit.
Rupee for international trade transactions will help check the flow of dollars out of India and slow the depreciation of the currency albeit to a “very limited extent.”
Yet, a great beginning; very few countries dare!
समझ में आए, तो गर्व करना।
अगर न आए, तो चुप ही रहना।
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