back Back

ICICI Bank expedites global trade transactions in INR

By Leandra Monteiro

April 27, 2023

  • Cross-Border Trade Financing
  • Export Packing Credit
  • Exporters
Share

ICICI Bank, ICICI Bank announced that it offers Rupee Vostro Account to enable Indian exporters and importers to pay and settle export-import transactions in Indian Rupees (INR).

The proposition reduces the foreign currency risk borne by Indian exporters and importers as they can use INR for invoicing, payment, and settlement of their transactions.

Speaking about the initiative, Sumit Sanghai, Head – Large Clients Group, ICICI Bank said, “In line with the Government of India and Reserve Bank of India’s move to boost foreign trade in rupees, ICICI Bank is offering Rupee Vostro Account to Indian exporters and importers to settle their international trade transactions in INR. ICICI Bank has a strong footprint of over 100 Rupee Vostro Accounts of banks located across 29 countries. As these countries cover most of India’s export/import corridors, Indian exporters and importers can easily settle their trade transactions in INR, and help to promote the growth of Indian global trade and increase international trade in Indian Rupees.”

This initiative is in line with India’s Foreign Trade Policy 2023 and RBI’s framework for invoicing, payment, and settlement of exports/imports in INR, in addition to US Dollar, Euro and other currencies.

The Authorised Dealer (AD) banks in India can open Rupee Vostro Accounts of correspondent bank/s of a partner trading country to facilitate trade transactions in INR. ICICI Bank has a wide array of over 100 Rupee Vostro Accounts of correspondent banks across 29 countries including USA, Canada, UAE, Saudi Arabia, UK, Germany, and Malaysia.

In addition to the Rupee Vostro Account facility, the Bank offers the most comprehensive array of digital solutions for every stage in export-import transaction lifecycle. It includes facilities such as Trade Online, the Bank’s flagship digital platform for export-import transactions; Trade APIs, for smooth handling of cross border trade transactions directly from customers’ ERP systems, e-LC for letters of credit and Export Packing Credit (Insta EPC) for instant disbursal of export finance.

Previous Article

April 27, 2023

Nigeria-based VigiPay partners with ThetaRay to prevent financial crime risk

Read More
Next Article

April 27, 2023

Quadient adds new Cash Application Module to AR automation solution

Read More








IBSi Daily News Analysis

March 22, 2024

Cross-Border Trade Financing

Industry experts stress modernization, sustainability, and AI as cornerstones for future of corporate banking, Finastra study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

March 28, 2024

5 Major FinTech Acquisitions announced in March 2024

Read More

March 28, 2024

Tempo France suspends classical remittances, to focus on DeFi

Read More

March 28, 2024

Qonto unveils its first in-house financing offer, ‘Pay later’

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023