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of <h1>RBI Updates Guidelines: Banks Can Open Rupee Vostro Accounts Without Prior Approval After Initial Arrangement.</h1> The Reserve Bank of India has revised the guidelines for Category-I Authorised Dealer banks regarding Rupee Vostro accounts of non-resident Exchange Houses. Banks no longer need prior approval from the Reserve Bank for each account, provided they have initial approval for arrangements with Exchange Houses from specified regions. After reaching twenty Rupee Drawing Arrangements (RDAs), banks must conduct an external audit of their systems. If satisfactory, they can authorize more RDAs, with the necessary documentation filed with the Reserve Bank. All other instructions from the 2008 circular remain unchanged, and banks should inform their constituents of these updates.
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