New Delhi: In what is clearly an indication of India’s rising prominance on the global stage, the Indian Rupee (INR) has now been accepted by 18 countries from across the globe for transactions. Union Minister of State for Finance Bhagwat Kishanrao Karad, on Wednesday, informed the Parliament that Reserve Bank of India (RBI) has permitted banks from 18 countries to open Special Vostro Rupee Accounts (SVRAs) to settle payments in rupees.
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Speaking in Rajya Sabha, Karad said that 60 such approvals have been given by the RBI. Elaborating upon the matter, Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said – “About 30 banks from overseas countries have signed up with 30 banks on our side, so 30 accounts.” “The transaction has started in bits and pieces,” he told reporters, PTI quoted.
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According to the details shared by the government, the full list of countries that accept payments in INR includes –
Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda and the United Kingdom.
Sberbank and VTB Bank, the largest lenders in Russia were among the first ones to receive a go-ahead from Russia. Gazprom, another Russian bank which does not have a presence in India has also opened its account. The move may be viewed in line with the Narendra Modi government’s push to promote the Rupee on a global stage as an international currency. Last year, the RBI and the Finance Ministry had asked the top management of banks to push export and import transactions in INR.
