Internet Banking – Internet based Platforms for dealing in Rupee Vostro Accounts
Reserve Bank of India on 15th November 2007 has decided that banks may permit internet based operations on Rupee Vostro Accounts maintained by exchange houses or banks outside India with them, provided the banks in India ensure that the software will prevent any unauthorised operation. The internet based operations on vostro accounts are being permitted subject to the conditions that:
(i) Banks will remain responsible for secrecy, confidentiality and integrity of data.
(ii) Banks should strictly comply with FEMA rules/regulations issued in connection with operations/maintenance of vostro accounts in India.
(iii) Banks should strictly adhere to KYC and AML standards and procedures relating to correspondent banking/exchange houses.
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