Date: 18/09/2023

Many countries mulling rupee trade with India, says FM

Around 22 countries are negotiating and exploring bilateral trade with India in rupees, Ms Nirmala Sitharaman, Union Finance Minister, has said. It is also because many of them are running short of dollars, she added. India, of late, has taken a few measures to encourage the utilisation of the rupee for executing international transactions. It has established special rupee vostro accounts within domestic banks, thereby facilitating the exchange of national currencies through collaborations with banks from different countries. The Reserve Bank of India (RBI) has granted permission to baanks from 18 countries to open Special Vostro Rupee Accounts (SVRAs) for the purpose of settling payments in rupees, the Central government told the Rajya Sabha recently, as per a report.
Source: Exim News Service; New Delhi, Sept. 17