RBI Allows Ad-Category-I Banks To Open Additional Current Account For Settlement Of Trade Transactions

Posted On - 26 June, 2024 • By - King Stubb & Kasiva

The Reserve Bank of India (RBI) had permitted authorized dealer category-I banks maintaining Special Rupee Vostro Account on International Trade Settlement in Indian Rupees to open an additional special current account for its constituents, exclusively for settlement of export transactions. In order to provide operational flexibility, RBI has now permitted that the facility of opening an additional special current account by authorized dealer category-I banks may be extended for settlement of their export as well as import transactions vide Circular dated June 11, 2024 bearing No. RBI/2024-2025/43.