Q. With reference to Special Rupee Vostro Accounts (SRVA) consider the following statements:
1.It is a mechanism to settle international trade in rupees.
2.Prior approval of RBI is not required for opening SRVA.
Select the correct option using the code given below:
Statement 1 is correct. SRVA is a mechanism to settle international trade in rupees.
Statement 2 is incorrect. Prior approval of RBI is required for opening SRVA.