What is Vostro Account? Understand International Trade Settlement in Rupee with Vostro Account |UPSC

Recently, RBI approved the payment by Indian importers in rupees to the Special Vostro account of the correspondent bank of the partner country to facilitate overseas trade in rupee. Many countries have expressed interest to have this arrangement of vostro account for the local currency trade.

A Vostro account is one that a domestic bank holds for a foreign bank in the domestic bank's currency, which in India is the rupee. India's neighbours, including Bangladesh, Sri Lanka and Mauritius, are also taking initiative for INR vostro account opening.

For an in-depth understanding on What is Vostro account? What is Nostro account? What is the difference between Vostro and Nostro accounts? What are the benefits of Vostro account? How does the Vostro account facilitate international trade settlement in Rupee? watch this video. Don't forget to like, share and subscribe to our YouTube channel for more such current affairs videos for your UPSC preparation.

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