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, citing banking industry sources.
Vostro accounts are accounts a bank holds on behalf of another, often foreign bank, and this forms a key part of correspondent banking.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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