CURRENT AFFAIRS : BANKING & FINANCE
RBI Allows Banks to Open Current Accounts for Export Proceeds Alongside Special Rupee Vostro Accounts
- The Reserve Bank of India (RBI) permitted banks to open additional current accounts for export proceeds in addition to special rupee vostro accounts with a view to provide greater operational flexibility to exporters.
- To provide greater operational flexibility to exporters, banks maintaining a special rupee vostro account as per the provisions of the RBI circular dated July 11, 2022 are permitted to open an additional special current account for its exporter constituent exclusively for settlement of their export transactions.
