HDFC Bank, Canara Bank Get RBI Clearance for Rupee Trading with Russia: Report

Bangalore:

The Reserve Bank of India has allowed HDFC Bank Ltd and Canara Bank Ltd to open a special “vostro account” for trading rupees with Russia, local newspaper Business Standard reported today citing banking industry sources.

Vostro accounts are accounts held by one bank on behalf of another, often foreign bank, and are an important part of correspondent banking.

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