New Delhi: The fact that 18 different nations currently accept transactions in the Indian Rupee (INR) is a glaring sign of India's expanding prominence on the world scene. 

Bhagwat Kishanrao Karad, the Union Minister of State for Finance, informed the House on Wednesday that the Reserve Bank of India (RBI) has allowed banks from 18 different nations to open Special Vostro Rupee Accounts (SVRAs) in order to settle payments in rupees.

Addressing in the Rajya Sabha, Karad claimed that the RBI has granted 60 such approvals. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi explained the situation by stating that "around 30 banks from outside have signed up with 30 banks on our side, so 30 accounts." He told reporters that "the transaction has started in bits and pieces." 

The following nations allow payments in Indian rupees: Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda, and the United Kingdom, according to information provided by the government.

The biggest lenders in Russia, Sberbank and VTB Bank, were among the first to get approval from Russia. Another Russian bank that doesn't operate in India, Gazprom, has also opened an account. The action might be seen as being in line with the Narendra Modi administration's efforts to promote the rupee as a worldwide reserve currency. The top management of banks was instructed by the RBI and the Finance Ministry to promote export and import transactions in Indian Rupee (INR) last year.

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