The countries are Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda and the United Kingdom.

Indian minister of state for finance Bhagwat K Karad recently told the parliament upper house that the Reserve Bank of India has permitted banks from 18 nations to open special vostro rupee accounts to settle payments in rupees and RBI has approved 60 such requests. Russia has been vocal in using the Indian rupee for trade and for ‘de-dollarisation’, he said

SVRAs could be set up by the banks by approaching the authorised dealer banks in India and it may then get permission from the RBI after completion of the due process.

Russia has been vocal in using the Indian rupee for trade and for ‘de-dollarisation’, Karad added.

Fibre2Fashion News Desk (DS)