RBI Allows Foreign Rupee Balances In Government Bonds
The Reserve Bank of India has made it easier for foreign banks to put their extra rupees to work. These rupees sit in something called a special rupee vostro account, a type of account held by an indian bank on behalf of a foreign bank. Now, the RBI says the extra money in these accounts can be freely invested in indian government bonds, removing earlier limits on short term investments.
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