LATEST
WEBSTORY
TRENDING

Rajasthan Board Class 10 Result: RBSE Class 10 Topper Gudiya Meena Scored 95.17%

Centre starts granting citizenship under CAA in these three states

'Main tujhe...': CSK fan who invaded pitch during IPL 2024 reveals MS Dhoni’s promise

8 superfoods that help to cure diarrhea

8 hit films rejected by Aamir Khan

10 jaw-dropping images of distinct galaxies captured by NASA's James Webb Space Telescope

BJP appoints new state presidents in Telangana, Jharkhand, Punjab, Andhra ahead of 2024 Lok Sabha polls

Meet 'mystery girl' whose pictures with Indian cricketer Yuzvendar Chahal is going viral

SCO must not hesitate to criticise countries supporting terrorism: PM Modi

PHOTOS
VIDEOS
ENTERTAINMENT

Streaming This Week: Panchayat season 3, Swatantrya Veer Savarkar, Illegal season 3, latest OTT releases to binge-watch

Avneet Kaur shines in navy blue gown with shimmery trail at Cannes 2024, fans say 'she is unstoppable now'

Assamese actress Aimee Baruah wins hearts as she represents her culture in saree with 200-year-old motif at Cannes

Rajasthan Board Class 10 Result: RBSE Class 10 Topper Gudiya Meena Scored 95.17%

Patna University Student Murder Case: College Student Beaten To Death On Campus, Know The Reason

YouTuber Bobby Kataria Arrested Over Alleged Human Trafficking Charges

Munawar Faruqui cuts cake with Mehzabeen Coatwala in first photos after rumoured wedding

Prabhas justifies why Kalki 2898 AD has highest budget in history of Indian cinema, says it cost Rs 600 crore because...

Streaming This Week: Panchayat season 3, Swatantrya Veer Savarkar, Illegal season 3, latest OTT releases to binge-watch

Home Personal Finance

Personal Finance

HDFC, Canara Bank get approval from RBI for trade in rupees with Russia

The Reserve Bank of India has allowed HDFC bank and Canara Bank to open a special account for trade in rupees with Russia.

DNA Web Team

Updated : Nov 22, 2022, 09:53 AM IST | Edited by : Maitry Kothari

HDFC, Canara Bank get approval from RBI for trade in rupees with Russia

HDFC Bank and Canara Bank have got approval from India’s Central Bank to open a special ‘Vostro account’ for trade in rupees with Russia.

A crucial component of correspondent banking is the holding of Vostro accounts by one bank on behalf of another, often a foreign bank.

Reuters' requests for a response to the Reserve Bank of India (RBI), HDFC Bank, and Canara Bank were not immediately fulfilled. (Also Read:

To encourage exports and ease imports, the RBI unveiled a new system for rupee settlements in foreign trade in July.

In the event that Moscow faces more severe Western sanctions over its invasion of Ukraine, the action was seen as boosting commercial relations with Moscow.

Sunil Barthwal, the Indian trade secretary, announced earlier this month that nine banks have been given permission to open "Vostro" accounts in order to boost rupee trade with Russia.

The Reserve Bank of India (RBI) had previously given the government permission to open nine special Vostro accounts with two Indian banks in order to enable trade in Indian rupees abroad. The first foreign lenders to gain authorisation came from Sberbank and VTB Bank, the largest and second-largest banks in Russia, respectively after the RBI established the rules for foreign exchange trading in the Rupee in July.

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed- Follow DNA on WhatsApp.