The third significant measure that has been introduced is the wider use of Special Rupee Vostro Account (SRVA) balances.
SRVAs are essentially a special bank account in India, held by a foreign bank, that allows trade to happen in Indian rupees instead of dollars or euros.
This move, although primarily aimed at internationalising the Indian rupee, could aid NRIs by allowing them to invest these balances in corporate bonds and commercial papers, thereby opening up new investment avenues.
Overall, the RBI has taken significant steps to make it easier for NRIs to not only invest and remit into India, but has also made things more accessible for non-residents to set up business in the country.
