 "Rupee trade")
State Bank India (SBI) will start overseas trade in rupee with smaller countries like Mauritius and Sri Lanka to steer clear of any transactions with Russia which carries the risk of sanctions by the West.
Two special vostro rupee accounts have been opened with SBI — the country’s largest lender — to facilitate overseas trade in rupee. SBI Mauritius and People’s Bank of Sri Lanka had opened vostro accounts with SBI, people aware of the matter said.
As far as rupee trade with smaller nations is concerned, the Reserve Bank of India (RBI) has allowed opening of six special vostro accounts with
