HDFC Bank, Canara Bank get RBI approval for rupee trade with Russia

HDFC Bank, Canara Bank get RBI approval for rupee trade with Russia

Daily Current Affairs   /   HDFC Bank, Canara Bank get RBI approval for rupee trade with Russia

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Category : International Published on: November 24 2022

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  • The Reserve Bank of India (RBI) allowed HDFC Bank Ltd and Canara Bank Ltd to open a special "vostro account" for trade in Rupees with Russia.
  • Vostro accounts are accounts a bank holds on behalf of another, often foreign bank, and this forms a key part of correspondent banking.
  • As many as five Indian banks have received regulatory clearance for rupee trade till now. These includes UCO Bank, Union Bank and IndusInd Bank are the other three.
  • This apart, two Russian banks have the central bank's approval – Sber Bank and VTB. Both have branch presence in India.
  • These Russian banks are the first foreign lenders to receive this approval after the RBI announced the guidelines on overseas trade in rupee in July. 
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