INTRODUCTION:

The Special Rupee Vostro Account (SRVA) framework, introduced by the Reserve Bank of India (RBI), enables seamless cross-border trade by facilitating transactions in Indian Rupees (INR). RBI introduced additional arrangements for invoicing, payment, and settlement of exports / imports in INR vide RBI/2022-23/90 A.P. (DIR Series) Circular No. 10 dated July 11, 2022.

BENEFITS:

This mechanism allows foreign banks to hold Rupee-denominated accounts with Indian banks to settle cross border trade transactions, reducing reliance on third-party currencies and enhancing financial stability. It supports both importers, who make payments in INR, and exporters, who receive proceeds from the Vostro account, ensuring efficient settlements.

Salient Aspect of SRVA is:

(a) Invoicing: All exports and imports under this arrangement may be denominated and invoiced in Rupee (INR).

(b) Exchange Rate: Exchange rate between the currencies of the two trading partner countries may be market determined.

(c) Settlement: The settlement of trade transactions under this arrangement shall take place in INR.

ACCOUNT DETAILS:

Details of Special Rupee Vostro Account maintained at our International Service Branch, New Delhi are as under:

CONTACT DETAILS:

For any queries, kindly contact at isb_vostro@pnb.co.in or ibd.corb@pnb.co.in or call at 011-43592847.