The government has asked banks to designate nodal officers who can act as a single point of contact to facilitate and promote ‘international trade settlement in Indian rupees’ and open special rupee vostro accounts (SRVA).
The move is intended to push banks as points of referral and assist the trading community in rupee settlement.
This was conveyed to bankers earlier this month at a meeting which was attended by senior officials of ministries of finance and commerce, the Reserve Bank of India, and top executives of leading private and public sector banks.
Source:
Economic Times
