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.
Source: ndtv.com
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Several banks open special vostro accounts for trade in rupee, more countries expressing interest
So, it has not fully taken off...But we are constantly in touch with the banks, the RBI and our exporters to ensure that it picks up, Sarangi said.He said that some exporters in Jaipur and other places have started the rupee trade.Certain African countries that are facing foreign exchange problems and issues with US Dollar and Euro mobilisation are showing interest in the rupee INR trade mechanism.Indias neighbours, including Bangladesh, Sri Lanka and Mauritius, are also taking initiative for INR vostro account opening.
Source: devdiscourse.com
Overseas rupee trade: 9 Russian banks open special vostro accounts
Another Russian bank Gazprom - which does not have its bank in India - has also opened this account with Kolkata-based UCO Bank.
Source: freepressjournal.in