Question
Why did the Reserve Bank of India (RBI) authorize banks
to open additional current accounts for export proceeds in July 2022?Solution
The Reserve Bank of India (RBI) has permitted banks to open additional current account for exports proceeds in addition to special rupee vostro accounts with a view to provide greater operational flexibility to exporters. In July 2022, the RBI had asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency.
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