BENGALURU (Reuters) – 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 on Monday, 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.
(Reporting by Rama Venkat in Bengaluru)
