Reserve Bank of India rolls out steps to boost Rupee power overseas
Reserve Bank of India (RBI) Thursday allowed banks to open rupee accounts at their overseas branches for people residing outside the country in the latest regulatory move aimed at helping achieve the rupee’s internationalisation.
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The RBI said on its website that people residing outside India will now be able to settle transactions with other people residing outside the country using balances in their repatriable rupee accounts, such as special non-resident rupee account and Special Rupee Vostro Account (SRVA).
SRVA operations would require prior RBI approval.
Under these new kinds of accounts, the settlement through rupees is an additional arrangement within the existing system that uses freely convertible currencies. This will work as a complimentary system, reducing dependence on hard (freely convertible) currency, the RBI said in the explainer—or frequently asked questions (FAQs)—that outlined the mechanism to be used.
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