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RBI's reserves effective guard against Vostro holding swings
Investments of some Russian funds in select securities that were permitted in a specific way are said to have reduced over a period of time indicating that funds are moving out of such securities, mostly short-term Treasury Bills, said market traders.
Trade game-changer in making? Several countries willing to start trading with India in rupee
Neighbouring Sri Lanka and Bangladesh are keen to start trading with India in rupee immediately. Countries from the Gulf are giving it a serious thought too. The mechanism is already in place in trade with Singapore, minister Piyush Goyal said.
RBI preps India's top banks to face a 'de-dollarised' world
Banks were advised by senior RBI officials during an interaction in Kochi on Saturday to prepare themselves for the changes that would be needed to deal in multiple currencies in an evolving market where the US dollar would not be the only and obvious choice for the settlement of cross-border trades and other transactions.
December trade gap narrows to three-month low as exports grow
India's trade deficit narrowed to $19.8 billion in December, a three-month low, as global demand for India's electronics and engineering goods rose while falling commodity prices eased imports. Goods exports rose 0.96% on-year, reaching $38.45 billion, while imports shrank 4.8% to $58.25 billion. The country's exports are performing well in volume terms, but the impact of the Red Sea crisis on value terms remains uncertain.
RBI permits banks to open current account for export proceeds in addition to special rupee vostro accounts
In July 2022, the RBI had asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency.
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Wholesale e-rupee, hunt a chimaera?
RBI is optimistic that wholesale central bank digital currencies could enable an instant and efficient international interbank settlement system. In India's bid to revolutionise cross-border payment digitalisation - in which scheme digital currency may be a crucial lynchpin - RBI may find that the use-case for CBDC-W is a chimaera, chasing a set of red herrings.
Why is internationalisation of rupee not gaining currency? Lessons from the India-Russia oil trade deal
The rupee-rouble settlement mechanism drawn up after the invasion of Ukraine shows the barriers in India’s plan to make the INR a globally accepted medium of exchange.
"Payments issue needs to be worked through": Jaishankar on Rupee Vostro Account system
Jaishankar spoke about the expansion of the correspondent relationship network under International Trade Settlement in Indian Rupees through Special Rupee Vostro Account system.
Promoting international trade in rupee to help reduce currency volatility: Survey
The survey suggested that it could assist Indian exporters in getting advance payments in rupee from overseas clients and in the longer term promote the domestic currency as an international currency once the rupee settlement mechanism gains traction.
Indian Bank to hold special rupee vostro A/cs of Sri Lanka banks
The INR vostro facility is part of a special trade settlement mechanism which was finalized by the Reserve Bank of India (RBI) in July 2022. The arrangement allows Indian importers to deposit rupees in vostro accounts that overseas banks open with banks in India and clearing of dues to Indian exporters from the surplus balances in the vostro accounts.
2022 in review: India's pursuit of stability amidst uncertainty
Calendars have a way of making even short-term seem long term and that is exactly one of the mistakes we do when we pin our hopes on a ridiculously optimistic future. Instead of viewing 2022 and 2023 as two separate timelines, it would be worthwhile to understand the events that are shaping the world and how some of them would continue to shape the world and how some new events would emerge in this mix and create their own second-order effects.
Banks told to have nodal officers to assist trade settlement in Rupee
"The government wants that banks proactively encourage traders to use this mechanism, and ensure their departments concerned are fully aware of the framework," said a senior executive of a bank who is aware of the development. According to the executive, banks have already had discussions with their counterparts from Russia, Cuba, Luxembourg, Sudan, and Tajikistan.
India rupee settlement mechanism draws interest from more nations
Tajikistan, Cuba, Luxembourg and Sudan have begun talking to India about using the mechanism, according to two sources and an official document reviewed by Reuters. It has already been used by Russia following the imposition of sanctions on Moscow over the Ukraine war. The Reserve Bank of India (RBI) set up the mechanism in July.
Finance ministry holds review meeting with heads of banks to promote cross-border trade in rupee
Following detailed guidelines from the Reserve Bank of India (RBI) on cross-border trade transactions in domestic currency in July, about nine special vostro accounts have been opened with two Indian banks to facilitate overseas trade in rupee.
RBI allows HDFC Bank, Canara Bank to open vostro account for Rupee trade with Russia
The Reserve Bank of India (RBI) on Monday allowed HDFC Bank Ltd and Canara Bank Ltd to open a special "vostro account" for trade in Rupees with Russia, according to media reports. Vostro accounts are accounts a bank holds on behalf of another, often foreign bank, and this forms a key part of correspondent banking.
Trade settlement in Re: RBI says fairly good response so far
While issuing the guidelines, the Reserve Bank said, "The mechanism to settle international trade in the rupee is to promote the growth of global trade with emphasis on exports and to support the increasing interest of the global trading community in the rupee".
Stocks in the news: Voda Idea, Ambuja Cements, Blue Dart, Hind Copper and Elgi Equipments
Mobile tower giant Indus Towers is learnt to have asked debt-ridden Vodafone Idea to clear outstanding dues and pay every month on time for continuity of business post-November.
Indian refiners pay dollars for Russian oil after dirham attempts fail
Russia has been hit by sanctions from the United States and allies following its invasion of Ukraine, and Moscow has requested some buyers of its commodities pay using roubles or other currencies than the dollar and euro which its contracts are typically priced in.
Re vostro accounts: Banks move RBI, flag grey areas
The main concern is how accumulated rupee amounts in these accounts can be repatriated without attracting penalties in case the banks are from countries facing international sanctions such as Russia.
What's delaying Re trade with Russia? RBI, Centre want to know
Banks want the regulator and the government to give a clear guidance that would shield them from any action by the US authorities. However, having laid down the rules on a rupee-denominated trade amid US sanctions on Russian financial institutions, the central bank and New Delhi think the banks should take the plunge.
Finance ministry to hold meeting with stakeholders to push overseas trade in rupee
RBI in July issued a detailed circular asking banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. The announcement by the Reserve Bank of India (RBI) to allow cross-border trade transactions in rupee is a timely move and a step towards internationalisation of the currency.
Governance agnostic to ownership: SBI chief Dinesh Kumar Khara
State Bank of India (SBI) chairman Dinesh Kumar Khara is looking to beef up operations of the country’s largest lender, while preparing it for the future. In an interview, he shares his assessment of the economic situation and the bank’s strategy.
India's move on rupee settlements may help trade with Russia
Exporters' bodies said RBI's move would help support trade with countries under sanctions, mainly Russia and Iran, and with African and South American countries - and neighbouring Sri Lanka - that have little access to hard currencies.
Amazon Great Indian Festival: Best deals on laptops, speakers and headphones
Amazon also offers great discount on its own products.
African oil import funds may be put in vostro accounts to settle exporters’ dues
The commerce department has moved a proposal but the final decision rests with the department of financial services and the Reserve Bank of India.
New Dell XPS 13 is Holy Grail of laptops
It is so different from other laptop you see and this is mostly to do with the screen . Every mm of this device screams quality and workmanship.
Iran wants to use rupee payment from India to buy government securities
Iran wants to use the rupee payments it receives for exporting oil to India to buy government securities as well as for financing its imports from third country.
RBI provides more leeway to banks for rupee vostro accounts
RBI said that approved dealer banks can now take its permission the first time they enter into such an arrangement with non-resident exchange houses.
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