ICICI Bank has over 100 Rupee Vostro Accounts of correspondent banks throughout 29 nations together with USA, Canada, UAE, Saudi Arabia, UK, Germany, and Malaysia.
ICICI Bank stated it’s providing an array of digital options for each stage in export-import transaction lifecycle.
ICICI Bank on Thursday introduced that it’s providing Rupee Vostro Account to allow Indian exporters and importers to pay and settle export-import transactions in Indian Rupees (INR).
The proposition reduces the overseas forex threat borne by Indian exporters and importers as they’ll use INR for invoicing, fee, and settlement of their transactions. This initiative is in keeping with India’s Foreign Trade Policy 2023 and RBI’s framework for invoicing, fee, and settlement of exports/imports in INR, along with US Dollar, Euro and different currencies, ICICI Bank stated in a press release.
It added that the Authorised Dealer (AD) banks in India can open Rupee Vostro Accounts of correspondent financial institution/s of a associate buying and selling nation to facilitate commerce transactions in INR.
ICICI Bank has over 100 Rupee Vostro Accounts of correspondent banks throughout 29 nations together with USA, Canada, UAE, Saudi Arabia, UK, Germany, and Malaysia.
Sumit Sanghai, head – giant shoppers group, ICICI Bank, stated, “In line with the Government of India and Reserve Bank of India’s transfer to spice up overseas commerce in Rupee, ICICI Bank is providing Rupee Vostro Account to Indian exporters and importers to settle their worldwide commerce transactions in INR. Export-import is without doubt one of the largest contributors to India’s financial development. We consider our initiative will cut back the overseas forex change threat borne by our exporters and importers and can expedite worldwide commerce settlements.”
In addition to the Rupee Vostro Account facility, the Bank said it is offering an array of digital solutions for every stage in export-import transaction lifecycle.
How to avail ICICI Bank’s Rupee Vostro Account:
Steps for the exporter and importer to avail Rupee Vostro Account:
-Draw up invoices in INR: Approach the trade counter parties to accept INR invoicing.
-Check for availability of Rupee Vostro Account of counterparty’s bank: Check for bank names of the counter party. Confirm with ICICI Bank’s account manager/corporate ecosystem branch/trade desk for availability of Vostro account in ICICI Bank for bank of counter party.
-Settlement of trade: If there is an existing Vostro account at ICICI Bank, settle the trade in INR and receive/send the payments from/to the overseas counterparty.
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