Rupee Vostro accounts: prior central approval dispensed for RDAs, banks may enter arrangements subject to guidelines and reporting. Dispenses with the requirement of prior Reserve Bank approval for opening and maintaining each Rupee Vostro account of non-resident Exchange Houses in connection with Rupee Drawing Arrangements; AD Category I banks must seek initial approval the first time they enter into such an arrangement with Exchange Houses from specified jurisdictions, may subsequently enter RDAs subject to prescribed guidelines and must inform the Reserve Bank immediately. When total RDAs reach twenty the bank must obtain a detailed external audit and, if satisfactory, secure Board authorisation and file the Board Note and Resolution with the Reserve Bank before further arrangements.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Rupee Vostro accounts: prior central approval dispensed for RDAs, banks may enter arrangements subject to guidelines and reporting.
Dispenses with the requirement of prior Reserve Bank approval for opening and maintaining each Rupee Vostro account of non-resident Exchange Houses in connection with Rupee Drawing Arrangements; AD Category I banks must seek initial approval the first time they enter into such an arrangement with Exchange Houses from specified jurisdictions, may subsequently enter RDAs subject to prescribed guidelines and must inform the Reserve Bank immediately. When total RDAs reach twenty the bank must obtain a detailed external audit and, if satisfactory, secure Board authorisation and file the Board Note and Resolution with the Reserve Bank before further arrangements.
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