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of <h1>RBI Updates Rules for Banks on Vostro Accounts: Optional Agreement Registration, Reduced Collateral for New Exchange Houses.</h1> The circular issued by the Reserve Bank of India revises instructions for Authorized Dealer Category-I banks regarding the opening and maintenance of Rupee and Foreign Currency Vostro Accounts for non-resident exchange houses. Key changes include making the registration of agreements between banks and exchange houses optional, while still requiring comprehensive legal documentation. Collateral requirements for exchange houses with less than three years of operation are reduced from one month's projected drawings to seven days. For those with over three years of operation, no collateral is mandated, though banks may still require it. The adequacy of collateral must be reviewed regularly.
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