FIEO urges RBI to share info on banks offering rupee trade to aid exporters

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FIEO urges RBI to share info on banks offering rupee trade to aid exporters - Business Standard

Quick Summary:

In 2023, the Reserve Bank permitted banks operating in the country to open Special Rupee Vostro Accounts (SRVAs) of partner banks from specified countries as part of efforts to promote bilateral trade in local currencies.

Apex exporters' body FIEO has urged the RBI to publicly share information on banks offering the rupee trade settlement system (SRVA) as lack of awareness is limiting its use.

The system simplifies trade and saves foreign exchange, but many exporters do not know where to access it, Federation of Indian Export Organisations (FIEO) President S C Ralhan told PTI.