Question
Recently which of the following two privates sector bank
have got approval from the RBI to open a special Vostro account for trade in rupees and both the approvals are for trade with Russia?Solution
HDFC Bank and Canara Bank have got approval from the Reserve Bank of India (RBI) to open a special Vostro account for trade in rupees and both the approvals are for trade with Russia. So far five Indian banks — UCO Bank, Union Bank, and IndusInd Bank being the other three have received regulatory clearance for such trade. Aprt from these banks, two Russian banks — Sber Bank and VTB have also received RBI’s approval to have branches in India.
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