Special Rupee Vostro Accounts
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RBI Permits Banks To Open Current Accounts For Export Proceeds In Addition To Special Rupee Vostro Accounts
India has been trying to promote rupee trade following the Russia-Ukraine war and the sanctions imposed by the West.
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Foreign Trade Can Be Done In Indian Currency Soon: Minister
Commerce and Industry Minister Piyush Goyal on Saturday expressed hope that traders will soon be able to settle foreign trade in the rupee currency as several banks from different countries are opening special Vostro accounts with Indian banks.
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What Trade Body Chief Said About "Rupee Becoming A Global Currency"
When asked about the trading INR by foreign countries in FTP 2023, he said that the special Vostro accounts have been opened in 18 countries after getting the approval of the RBI and the Central Bank of that country.
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Multiple Banks Open Special Vostro Accounts For Trade In Rupee
"As of now there are 20 banks which have opened a special rupee vostro account," Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said.
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HDFC Bank, Canara Bank Get RBI Approval For Rupee Trade With Russia: Report
The Reserve Bank of India has allowed HDFC Bank Ltd and Canara Bank Ltd to open a special "vostro account" for trade in rupees with Russia, local newspaper Business Standard reported today.
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Russian Bank Opens Special "Vostro" Account In Indian Branch
Russia's No.2 lender VTB on Wednesday said it had opened a special "vostro" account at its Indian branch that would allow for the more active use of Indian rupees in payments under import and export contracts between Russia and India.
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Rupee Settlement Will Help India Trade With Russia, Iran and Neighbours: Report
The Indian central bank's decision to let importers pay with rupees and exporters be paid in rupees is likely to make trade easier with Russia and South Asian neighbours.
-
RBI Permits Banks To Open Current Accounts For Export Proceeds In Addition To Special Rupee Vostro Accounts
India has been trying to promote rupee trade following the Russia-Ukraine war and the sanctions imposed by the West.
-
Foreign Trade Can Be Done In Indian Currency Soon: Minister
Commerce and Industry Minister Piyush Goyal on Saturday expressed hope that traders will soon be able to settle foreign trade in the rupee currency as several banks from different countries are opening special Vostro accounts with Indian banks.
-
What Trade Body Chief Said About "Rupee Becoming A Global Currency"
When asked about the trading INR by foreign countries in FTP 2023, he said that the special Vostro accounts have been opened in 18 countries after getting the approval of the RBI and the Central Bank of that country.
-
Multiple Banks Open Special Vostro Accounts For Trade In Rupee
"As of now there are 20 banks which have opened a special rupee vostro account," Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said.
-
HDFC Bank, Canara Bank Get RBI Approval For Rupee Trade With Russia: Report
The Reserve Bank of India has allowed HDFC Bank Ltd and Canara Bank Ltd to open a special "vostro account" for trade in rupees with Russia, local newspaper Business Standard reported today.
-
Russian Bank Opens Special "Vostro" Account In Indian Branch
Russia's No.2 lender VTB on Wednesday said it had opened a special "vostro" account at its Indian branch that would allow for the more active use of Indian rupees in payments under import and export contracts between Russia and India.
-
Rupee Settlement Will Help India Trade With Russia, Iran and Neighbours: Report
The Indian central bank's decision to let importers pay with rupees and exporters be paid in rupees is likely to make trade easier with Russia and South Asian neighbours.
