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Search results for vostro

What Trump's win means for the Indian rupee
1 month, 2 weeks ago

What Trump's win means for the Indian rupee

Live Mint  

Mumbai: The Indian rupee is expected to remain under pressure on the back of a strengthening US dollar as Donald Trump wins the presidential race, experts said, prompting the Reserve Bank of India to curb volatility in the forex market. “However, in a slowing and fragile global economy, we firmly believe that economics is likely to trump politics," said Kanika …

India Market Trump Indian Rbi Rupee Dollar
Vostro accounts to get a feature upgrade
1 month, 2 weeks ago

Vostro accounts to get a feature upgrade

Live Mint  

The Reserve Bank of India may permit the use of rupee vostro accounts for a wider variety of transactions, two people aware of the plans said, a move that promises to enhance the utility of these accounts and advances the use of the rupee in cross-border trade. Additionally, the RBI aims to enable bank lending to PROIs and facilitate foreign …

Trade Russia International Trade Indian Bank Currency Russian
Amazon's Republic Day Sale now LIVE: Check out the top deals on smartphones, laptops, and more
11 months, 1 week ago

Amazon's Republic Day Sale now LIVE: Check out the top deals on smartphones, laptops, and more

India TV News  

Amazon Republic Day Sale is LIVE: Amazon's much-anticipated Great Republic Day Sale is now live which is offering exciting deals on a variety of products. The sale started for everyone on Saturday afternoon with the launch of the Flipkart Republic Day Sale. Laptop Deals and TV Discounts Laptop seekers can grab the Dell Vostro 3510 at an effective price of …

Sale Price Republic Day Sale
India, Tanzania discuss trade in local currencies
1 year, 2 months ago

India, Tanzania discuss trade in local currencies

Firstpost  

Tanzanian cashew nuts, pigeon peas, spices, avocados, and other agricultural products continue to be sent to India in large quantities. Both parties decided to intensify their current level of collaboration in this area According to Dammu Ravi, Secretary for Economic Relations in the Ministry of External Affairs, during a press conference on Monday, India is looking into trading local currencies …

India Trade Local Indian Tanzania Both Parties Currencies
Russia says it has billions of Indian rupees that it can’t use
1 year, 7 months ago

Russia says it has billions of Indian rupees that it can’t use

Live Mint  

Russia has accumulated billions of rupees in Indian banks which it can’t use, Foreign Minister Sergei Lavrov said Friday, pointing to a ballooning trade surplus with the South Asian nation. But for this, these rupees must be transferred in another currency, and this is being discussed now.” India’s total exports to Russia shrunk 11.6% to $2.8 billion in the first …

India Trade Russia Indian Billion Russian Rupees
Several countries willing to settle trade in Indian Rupee as it cuts transaction cost: Commerce Min Piyush Goyal
1 year, 8 months ago

Several countries willing to settle trade in Indian Rupee as it cuts transaction cost: Commerce Min Piyush Goyal

Firstpost  

Till now, 18 countries have opened Special Vostro Rupee Accounts to settle trade in INR New Delhi: Several countries are in talks with India’s central bank, RBI, to facilitate overseas trade in Indian rupee as it helps cut transaction cost, said Commerce and Industry Minister Piyush Goyal. So far, 18 countries have opened Special Vostro Rupee Accounts to settle trade …

India Trade Commerce Indian Indian Rupee Countries Rbi
Rupee trade arrangement to help cut transaction cost: Piyush Goyal
1 year, 8 months ago

Rupee trade arrangement to help cut transaction cost: Piyush Goyal

The Hindu  

International trade in the domestic currency will help reduce transaction cost for the industry and several countries are in discussion with the RBI on this, Commerce and Industry Minister Piyush Goyal said on Thursday. They want banks in India to connect with their foreign counterparts for opening special rupee vostro accounts to facilitate cross-border trade in the Indian currency rather …

India Trade Russia Indian Bank Rbi Goyal
Union Bank opens special account for India - Malaysia trade settlement in rupee
1 year, 8 months ago

Union Bank opens special account for India - Malaysia trade settlement in rupee

Live Mint  

Public sector lender, Union Bank of India becomes the first bank in the country to open a Special Rupee Vostro Account through its corresponding bank in Malaysia i.e. Union Bank's this move is in line with RBI's direction in July last year to allow the settlement of international trade in Indian Rupees. In a statement, Union Bank said "this measure …

India Trade Indian Bank Indian Rupee Rupee Malaysia
Rupee marches on: Sri Lanka's Seylan Bank opens INR-denominated Nostro account in Indian Bank
1 year, 9 months ago

Rupee marches on: Sri Lanka's Seylan Bank opens INR-denominated Nostro account in Indian Bank

Firstpost  

Settling transaction in Indian rupee will help traders of both India and Sri Lanka who are facing shortages in Foreign Exchange Colombo: Settlement of international trade in Indian rupee has been expanding worldwide. To facilitate seamless cross-border transactions, Sri Lanka’s Seylan Bank has opened a rupee-denominated Nostro account in an Indian Bank in Mumbai. India-based State Bank of India has …

India Sri Lanka Indian Foreign Exchange Indian Rupee Foreign Sri
RBI has allowed banks from 18 countries to trade in rupee: government in Rajya Sabha
1 year, 9 months ago

RBI has allowed banks from 18 countries to trade in rupee: government in Rajya Sabha

The Hindu  

March 14, 2023 09:36 pm | Updated March 15, 2023 09:14 am IST - NEW DELHI Banks from 18 countries have been permitted by the Reserve Bank of India to open Special Vostro Rupee Accounts for settling payments in Indian rupees, the government told the Rajya Sabha on Tuesday. In response to a question from BJP’s Sushil Kumar Modi, Union …

India Trade Russia Rajya Sabha Rbi Banks Inr
Eight countries open 50 special rupee vostro accounts in 6 months to trade in INR
1 year, 9 months ago

Eight countries open 50 special rupee vostro accounts in 6 months to trade in INR

Firstpost  

Special vostro account holders are allowed to invest surplus balance in Indian government securities. The facility has been provided by the RBI to help popularise the new arrangement New Delhi: Eight countries have opened Special Rupee vostro Account to facilitate overseas trade in Indian rupee. Don’t Miss: Indian rupee could be the new dollar, says ‘Doctor Doom’ Nouriel Roubini Special …

Trade Russia Indian Indian Rupee Countries Open Rbi
Explained | Vostro accounts and how they facilitate trade
1 year, 10 months ago

Explained | Vostro accounts and how they facilitate trade

The Hindu  

The story so far: Last week, government officials informed that 20 Russian banks, including Rosbank, Tinkoff Bank, Centro Credit Bank and Credit Bank of Moscow have opened Special Rupee Vostro Accounts with partner banks in India. It helps domestic banks gain wider access to foreign financial markets and serve international clients without having to be physically present abroad. The authorised …

Domestic Country Foreign Partner Inr Currencies Banks Bank
Indian banks 'overcautious' in Rupee-Rouble trade settlement owing to US restrictions: Russian envoy
1 year, 10 months ago

Indian banks 'overcautious' in Rupee-Rouble trade settlement owing to US restrictions: Russian envoy

Firstpost  

Denis Alipov affirmed that restrictions on Russia’s use of SWIFT will not be lifted in the near future. He added that India and Russia ’need to invent something new’ to continue their economic relations and trade New Delhi: Russia says Indian banks are cautious about using a rupee-rouble payment system for trade settlement because of concerns about “secondary restrictions” from …

India Trade Indian Settlement Indian Rupee Rupee Indian Banks
Why trade settlement in Indian rupee is important for Russia?
1 year, 11 months ago

Why trade settlement in Indian rupee is important for Russia?

Firstpost  

Russia using Indian rupee trade mechanism will increase the volumes of products that New Delhi supplies to Moscow New Delhi: Late in December 2022, Russia became the first country to switch trade settlements in Indian rupee. Must Read: Russia starts foreign trade settlements in rupee, more countries to join According to a report by Reuters, the European Union is eyeing …

India Russia Sri Lanka Indian Settlement Bank Indian Rupee
Sri Lanka, Russia to use Indian rupee for international trade, more countries in talks
2 years ago

Sri Lanka, Russia to use Indian rupee for international trade, more countries in talks

Firstpost  

Sri Lankan banks have reportedly opened special rupee trading account called - Special Vostro rupee accounts, or SVRA - for trading in INR New Delhi: Sri Lanka has agreed to use Indian rupee for international trade. It comes days after the Government of India said it is looking at ways to bring countries that are particularly short of dollars into …

International Trade Sri Lanka International Trade Indian Settlement Indian Rupee
India rupee settlement mechanism draws interest from more nations
2 years ago

India rupee settlement mechanism draws interest from more nations

The Hindu  

India's rupee trade settlement mechanism, a means of using rupees instead of dollars and other big currencies for international transactions, is attracting interest from more countries. The four countries have shown interest in opening special rupee accounts, called vostro accounts, but partner banks in India have not yet provided those facilities, documents showed. Talks with Gulf nations India continues to …

Trade Indian Bank Saudi Arabia Rbi Rupee Nations India
Indian rupee goes global, the likes of Cuba, Sudan want to follow suit
2 years ago

Indian rupee goes global, the likes of Cuba, Sudan want to follow suit

Firstpost  

The Reserve Bank of India announced the setting up of a mechanism to carry out international trade in Indian rupees. The Indian government is looking at ways to bring countries that are particularly short of dollars into the ambit of the mechanism India’s rupee trade settlement has attracted other nations to adopt a similar mechanism. The Indian rupee trade settlement …

India Trade Indian Indian Rupee Mechanism Rbi Rupee
HDFC Bank, Canara Bank get RBI nod for rupee trade with Russia: Report
2 years, 1 month ago

HDFC Bank, Canara Bank get RBI nod for rupee trade with Russia: Report

Live Mint  

The Reserve Bank of India has allowed leading private sector lender HDFC Bank Ltd and state-run Canara Bank Ltd to open a special "vostro account" for trade in rupees with Russia, news agency Reuters quoted a report as saying on Monday. These Russian banks are the first foreign lenders to receive this approval after the RBI announced the guidelines on …

India Trade Russia Indian Bank Rbi Rupee
Nine special vostro accounts opened for trade in rupee after RBI approval
2 years, 1 month ago

Nine special vostro accounts opened for trade in rupee after RBI approval

The Hindu  

As many as nine special vostro accounts have been opened with two Indian banks after permission from the Reserve Bank of India to facilitate overseas trade in rupee, a top government official said on Tuesday. The move to open the special vostro account clears the deck for settlement of payments in rupee for trade between India and Russia, enabling cross-border …

India Russia Indian Bank Russian Rbi Uco Bank
What are Vostro and Nostro bank accounts? Know details
2 years, 1 month ago

What are Vostro and Nostro bank accounts? Know details

Firstpost  

Both Nostro and Vostro are terms used to describe the same bank accounts but hold different purposes. It is basically a situation where one bank holds deposits owned by another bank In today’s time, bank accounts and their uses are gaining momentum, especially for trade payments and overseas transactions. With that said, two types including Vostro and Nostro bank accounts …

India Bank Bank Accounts Account Accounts Vostro Nostro
Two Russian Banks open special vostro account in Delhi for overseas rupee trade
2 years, 2 months ago

Two Russian Banks open special vostro account in Delhi for overseas rupee trade

Live Mint  

In order to facilitate overseas trade in rupee, Two Russian banks, Sberbank and VTB Bank have opened a special vostro account in their respective branches in Delhi, news agency PTI has reported citing sources. These banks have opened special vostro account in their respective branches in Delhi, sources have said. Earlier last month, UCO Bank received RBI's approval of opening …

India Delhi Trade Russia Bank Open Russian
Russian banks open special vostro accounts for foreign trade in rupee following RBI approval
2 years, 2 months ago

Russian banks open special vostro accounts for foreign trade in rupee following RBI approval

India TV News  

Highlights Russia's Sberbank and VTB Bank got approval from RBI to facilitate foreign trade in rupee Both the Russian banks opened special vostro accounts in each of their Delhi branches The RBI is keen to promote cross-border trade in rupee Russian banks: After getting a nod from the Reserve Bank of India, at least two Russian banks have opened special …

India Russia Indian Bank Foreign Trade Russian Rbi
RBI deals a blow against dollar dominance
2 years, 5 months ago

RBI deals a blow against dollar dominance

Live Mint  

The immediate impact of the Reserve Bank of India’s decision to permit settlement of international trade payments in rupees might be to facilitate ongoing trade with Russia and open a window for Sri Lanka to import desperately needed fuel, food and medicines from India on the strength of a rupee line of credit that India could offer. One or more …

India China Trade Sri Lanka Payments Indian Bank
RBI spells out re-settlement terms
2 years, 5 months ago

RBI spells out re-settlement terms

Deccan Chronicle  

Mumbai: The Reserve Bank of India on Monday said that it is putting in place a mechanism to settle international trade in rupees. Before putting in place this mechanism, AD banks shall require prior approval from the Foreign Exchange Department of Reserve Bank of India, Central Office at Mumbai,” said the RBI in a circular. To settle the trade deals, …

India Trade Russia Indian Exports Mechanism Rbi