Nine Russian banks open special vostro accounts for trade in rupee

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The Reserve Bank of India (RBI) has allowed the opening of nine special vostro accounts with two Indian lenders — UCO and IndusInd Bank — to facilitate overseas trade in rupee, Commerce Secretary Sunil Barthwal said on Tuesday.

Apart from the domestic lenders, Russia’s two largest banks — Sberbank and VTB Bank — are the first foreign lenders to have received approval from the central bank towards settling international trade transactions in rupee. “Nine accounts have been opened. One each in Uco Bank, SberBank, and VTB and six with IndusInd Bank. There are six different Russian banks who have opened