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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. Download the BYJU'S Exam Prep App: 👉 https://click.gradeup.co/Fqr0/ytIASEng Join us on Telegram for all the latest updates: 👉 https://t.me/BYJUSEXAMPREPIAS Subscribe to "BYJU’S IAS" Channel: 👉 https://www.youtube.com/c/BYJUSIAS?su... Subscribe to our “BYJU’S IAS Hindi” Channel: 👉 https://www.youtube.com/c/BYJUSIASHin... To provide you with the comprehensive Economy study material and make Indian Economy easier, we bring to you - 'Indian Economy Essentials'. Join us for topic-wise daily updates on Economy current affairs important for your UPSC Exam. Get a unique perspective into important economy topics for UPSC along with in-depth analysis of important Economic Events. For more details about Vostro Accounts in India : 👉 https://byjus.com/free-ias-prep/russi... Register FREE - BYJU’S National Scholarship Test (BNST) for IAS 👉 https://byjus.com/bnst-ias/?utm_sourc... Top Playlists for UPSC Civil Services Exam (CSE): Economy Essentials Playlist: 👉    • Delhi Mumbai Expressway | Electric Hi...   Polity Essentials Playlist: 👉    • Preamble of Indian Constitution | Wha...   The Hindu News Analysis 2023 Playlist: 👉    • The Hindu Newspaper Analysis LIVE | M...   Strategy Series Playlist: How To Prepare for UPSC Prelims & Mains? 👉    • Strategy Series | Prelims and Mains |...   Target Prelims 2023 Daily Quiz Playlist: 👉    • Daily Quiz | Master Playlist - 2023 |...   Knowledge Series Playlist | Cover 100+ Key Static Topics: 👉    • Knowledge Series | Master Playlist | ...   The Big News Playlist | Watch & Understand Big Breaking News: 👉    • The Big News | Daily Analysis of Key ...   Economy This Week Playlist: 👉    • Economy This Week | Indian Economy Ma...   International Relations This Week Playlist: 👉    • International Relations This Week | W...   Explained Playlist | In-depth Analysis of Weekly Current Affairs: 👉    • Explained | In-depth Analysis of Week...   For Current Affairs videos in Hindi visit: ‪@BYJUSIASHindi‬ For more information on BYJU'S IAS courses, call us on: +91-9538419666 Happy Learning! ‪@BYJUSIAS‬ #vostroaccounts #nostroaccounts #rbi #ReserveBankofIndia #IndianBanks #nostroaccount #vostroaccount #prelims2023 #internationaltrade #indianeconomy #tradefacilitation #whatisvostro #UPSCPrelims2023 #UPSCMains2022 #currentaffairstoday #dailycurrentaffairs #economy #borrowing #economycurrentaffairs #latestbudget #budgetnews #upsceconomics #economyupsc #economy #economybasics #economyconcepts #currentaffairsfortoday #upsccseprelims2023 #upscpre2023 #upscpreparation #iasprelims #iasprep #iascurrentaffairs #currentaffairs #currentaffairstoday #upsccurrentaffairs #dailycurrentaffairs #todaycurrentaffairs #upsc2023 #iascurrentaffairs #dailycurrentaffairs #newsanalysis #currentaffairs2023 #byjuseconomyessentials #byjusias #byjusexamprepias