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of <h1>Indian Banks Require RBI Approval to Open Special Rupee Vostro Accounts: Key Details and Compliance Steps</h1> To open a Special Rupee Vostro Account with an Indian Authorized Dealer (AD) bank, the bank must seek approval from the Reserve Bank of India (RBI) by submitting specific information. This includes details of the arrangement with the correspondent bank, a write-up on the foreign bank, and a copy of the request letter. The AD bank must confirm due diligence and compliance with KYC guidelines, ensure the correspondent bank is not from a high-risk jurisdiction per FATF, and adhere to RBI transaction instructions. Financial parameters of the correspondent bank must also be obtained and submitted with the proposal.
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