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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>RBI consolidates rules for banks to open and manage vostro accounts for non-resident exchange houses with strict KYC, limits</h1> Reserve Bank guidance consolidates rules for Authorised Category-I banks to open and maintain rupee/foreign-currency vostro accounts for non-resident exchange houses under Rupee Drawing Arrangements, permitting inward personal remittances (with specified permitted payments and trade remittances capped), requiring prior application, due diligence, KYC/AML/CFT compliance, legal documentation, periodic audits/monitoring, limits on drawee branches, no overdrafts, non-transferability and non-interest bearing balances, and specified collateral/operational safeguards under DDA, Non-DDA and Speed Remittance procedures; foreign-currency drawing arrangements require separate approval, reporting and specified collateral, and banks must report and reconcile, maintain controls and inform the regulator of material changes.
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