Rupee Vostro account rules require prior approval, restricted uses, collateralised funding and strict KYC and reporting. Requires prior Reserve Bank approval for AD Category I banks to open and maintain Rupee and foreign currency vostro accounts of non resident Exchange Houses; mandates credit only, non transferable, non interest bearing accounts used solely to channel specified cross border personal remittances and limited trade payments; prescribes DDA, Non DDA and Speed Remittance procedures with auditor/representative oversight, collateral requirements based on vintage of operations, and stringent KYC/AML/CFT, internal controls, periodic inspections and statutory reporting through prescribed statements and an annual board approved review to the Reserve Bank.
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Provisions expressly mentioned in the judgment/order text.
Rupee Vostro account rules require prior approval, restricted uses, collateralised funding and strict KYC and reporting.
Requires prior Reserve Bank approval for AD Category I banks to open and maintain Rupee and foreign currency vostro accounts of non resident Exchange Houses; mandates credit only, non transferable, non interest bearing accounts used solely to channel specified cross border personal remittances and limited trade payments; prescribes DDA, Non DDA and Speed Remittance procedures with auditor/representative oversight, collateral requirements based on vintage of operations, and stringent KYC/AML/CFT, internal controls, periodic inspections and statutory reporting through prescribed statements and an annual board approved review to the Reserve Bank.
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