ICICI Bank


Chennai Press News:

Chennai: ICICI Bank today 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.

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.

Speaking about the initiative, Mr. 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. Export-import is one of the biggest contributors to India’s economic growth. We believe our initiative will reduce the foreign currency exchange risk borne by our exporters and importers and will expedite international trade settlements.”

****

Popular posts from this blog

SUTA Brand New Artisanal Store Launched by Abi and Rashmi event done by Kavitha Pandian at Mylapore

Image
Suta’s latest store in Mylapore, Chennai, to open its doors in time for the festive season Mumbai-based artisanal brand , Suta, is further expanding its retail footprint with a beautiful new store on Dr Radhakrishnan Salai, in the picturesque Mylapore neighbourhood.  Spread over an area of 1,575 sq. ft., the store has been thoughtfully designed to offer the quintessential Suta shopping experience for Chennai connoisseurs. The store’s location in Mylapore has been carefully chosen considering its religious significance and rich cultural heritage, as well as its vibrant music and arts scene. Known for its role in preserving Chennai's traditional South Indian culture, Mylapore is a place where history comes to life and tradition rubs shoulders with modernity. This amalgamation is the perfect backdrop for Suta, known for preserving heirloom artisanal weaves and infusing them with a contemporary twist. Within the store, each space has been thoughtfully designed to offer shoppers an inti...
Read more

Over 35 Colleges Unite for a Vibrant Cultural Celebration: Sardar Euphoria 2K23 Hosted by A.M. Jain College

Image
Chennai, 08th Oct 2023:  A.M. Jain College in Meenambakkam, Chennai proudly hosted their Annual Inter-Collegiate cultural fest, Sardar Euphoria 2K23  on October 06th and 07th, 2023. The two day inter-collegiate cultural event witnessed active participation from over 35 prominent colleges across Chennai engaging in 16+ diverse on-stage and off-stage activities including dance, music, fashion walk, photography and more.  The highly sought-after overall trophy was clinched by Madras Christian College. The campus buzzed with excitement as events unfolded across various venues, fostering an atmosphere of artistic enthusiasm and unity among participants.  Sardar Euphoria 2K23 also attracted a galaxy of celebrities who graced the occasion as judges and chief guests. The star-studded lineup included actors Arjun Das, Mirna Menon, Robo Shankar, Soundara Raja, and singer Shalini Singh, added glamour and charisma to this cultural extravaganza. Udhan Kumar Chordia, Secretary of ...
Read more

Cultural festival 'Kalaisangamam' celebrated at A. M. Jain College

Image
Chennai; Agurchand Manmull Jain College in Meenambakkam, Chennai celebrated their intra college cultural festival, Kalaisangamam on 11th of March.  Many students from various departments participated in the cultural fest which included music, dance and variety. College Secretary, Mr. Udhan Kumar Chordia with the committee member Mr. Panna Lal Chordia, Mr. Bhavnesh Deora, College Principal Dr. M. Venkataramanan and Dean Dr. M.M Ramya were the chief guest of the event.  Around 5,000 people including students and staff attended the cultural fest. Students of the BBA department bagged the overall championship of the event. ****
Read more