The Reserve Bank of India approved 9 special accounts with Uco bank and three Russian banks to permit trade in rupees. Reuters file photo.
India’s central bank has approved the opening of nine special ‘Vostro accounts’ to facilitate trade in rupees in Russia, according to a report by the India Times, which cited Commerce Department secretary Sunil Barthwal and said the accounts were opened with Uco Bank, Sber and VTB Reach in Russia, and six with IndusInd Bank, which is also Russian.
“The move to open the special vostro account clears the way for the settlement of payments in rupee for trade between India and Russia, thus enabling cross-border trade in the Indian currency, which the RBI is keen to promote,” the report said, adding that Gazprom had an account with Uco Bank and that Uco also has a vostro account in Iran.
Read the full report: IndiaTimes.
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