India has been striving to make the rupee an international currency for a long time. While the US dollar, Euro, Japanese yen, British pound, and Chinese yuan are already recognized as global reserve currencies, recent reports suggest that India is making significant progress towards achieving this status for the rupee. To facilitate the smooth functioning of international trade in INR, India's central bank, RBI, has authorized the opening of 60 special rupee vostro accounts in 18 countries, including Russia and Sri Lanka.
As per records, the RBI has given permission to domestic and foreign AD banks in 60 cases for opening SRVAs of banks from 18 nations for the purpose of settling payments in Indian rupees. India's Minister of State for Finance, Bhagwat Karad, confirmed this and added that out of the 18 nations, Russia has been particularly vocal in promoting local currency transactions as part of the larger de-dollarization movement. However, India's primary focus is to increase exports by promoting trade in local currency.
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