RBI Vostro Account For Trade In Rupees : The Reserve Bank of India has allowed two big banks of the country, HDFC Bank and Canara Bank, to trade in rupees with Russia (Special Vostro Account For In Russia) by opening a special Vostro Account. Rupees) is approved to. Also, India is going to benefit a lot from this decision.
This is Vostro Account
Explain that Vostro Accounts are such accounts, which are opened in one bank for transactions on behalf of another, often foreign, bank. It is an important part of banking transaction. RBI has decided to take this step for digital settlement of trade between India and Russia in Rupees. With this decision, now cross-border transactions will be done in Indian currency rupees.
9 Vostro accounts opened
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Special Vostro accounts have been opened in a total of 9 banks along with 2 Indian banks after permission from RBI to facilitate foreign trade in Indian Rupees. In July 2022, guidelines for foreign trade in rupees were announced by Russia’s largest bank Sberbank and VTB RBI. Another Russian bank Gazprom, which does not have any branch in India, had opened a Vostro account in Kolkata-based UCO Bank.
Accounts are opened in these banks
Releasing the business figures, Commerce Secretary Sunil Barthwal had informed that so far 9 Vostro accounts have been opened in the country. Out of which 1 has been opened in UCO Bank, one in Sber Bank, one in VTB Bank while 6 have been opened with IndusInd Bank. These are 6 different banks of Russia.