Two Russian Banks open special vostro account in Delhi for overseas rupee trade
Live MintIn 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 a special Vostro account with Russia's Gazprombank for settlement of trade in Rupee against the backdrop of sanctions imposed by western countries on Russia following its invasion of Ukraine. 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 trade in the Indian currency, which the RBI is keen to promote.
History of this topic
Vostro accounts to get a feature upgrade
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Russia says it has billions of Indian rupees that it can’t use
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Rupee trade arrangement to help cut transaction cost: Piyush Goyal
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Eight countries open 50 special rupee vostro accounts in 6 months to trade in INR
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Indian banks 'overcautious' in Rupee-Rouble trade settlement owing to US restrictions: Russian envoy
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Why trade settlement in Indian rupee is important for Russia?
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Sri Lanka, Russia to use Indian rupee for international trade, more countries in talks
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HDFC Bank, Canara Bank get RBI nod for rupee trade with Russia: Report
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Nine special vostro accounts opened for trade in rupee after RBI approval
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Russian banks open special vostro accounts for foreign trade in rupee following RBI approval
India TV News
RBI deals a blow against dollar dominance
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RBI Announces Measures for International Trade Settlement in Rupees
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How rupee-ruble trade mechanism is shaping up
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