Informist, Tuesday, Aug. 5, 2025

--RBI revises procedure to open Special Rupee Vostro Account

--RBI: Banks don't need RBI approval to open Special Rupee Vostro Account

NEW DELHI – The Reserve Bank of India Tuesday said banks no longer need its approval to open Special Rupee Vostro Accounts. The RBI had allowed banks in 2022 to open Special Rupee Vostro Accounts with prior approval for settling cross-border trade transactions. The change is effective immediately, the central bank said.

"AD (Authorised Dealer) banks can now open SRVAs (Special Rupee Vostro Accounts) of correspondent banks without referring to the Reserve Bank of India," the regulator said in a release. "The above change in procedure will considerably quicken the process for opening of SRVAs."

The Special Rupee Vostro Accounts were introduced to promote the use of international trade in the rupee, initially for settlement of export transactions and then also for imports starting in June last year. Authorised Indian banks can open and maintain special rupee vostro accounts of a partner trading country's banks, for rupee holdings. End

Reported by Aaryan Khanna

Edited by Saji George Titus

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