‘International Trade in Rupee Currency Soon’

Rajkot: Commerce and Industry Minister Piyush Goyal on Saturday expressed hope that traders will soon be able to settle foreign trade in the rupee currency as several banks from different countries are opening special Vostro accounts with Indian banks.

The Reserve Bank of India (RBI) has approved 60 requests to open Special Rupee Vostro Accounts (SRVAs) of correspondent banks from 18 countries, including the UK, Singapore, and New Zealand.

The RBI, he said, is in discussion with the central banks of other countries on the matter. “We will soon start seeing operationalisation of this rupee trading in international trade with several countries,” Goyal told newsmen here.