According to director general of foreign trade (DGFT) Santosh Kumar Sarangi, 18 countries have opened special vostro accounts with Indian banks.īanking industry sources said that Kolkata-based UCO Bank, which has an account with Russia-based Gazprom, had so far carried out rupee-denominated trades worth ₹14-15 crore. Last month, a government official said that several banks, including HDFC Bank and UCO Bank, had opened as many as 30 special vostro accounts to facilitate overseas trade in the rupee. It is something which we expect will improve steadily.' Both sides meaning, India and whichever is the country at the other end.

'It's completely a new paradigm for stakeholders - for importers and exporters from both sides, for banks on both sides. 'The stakeholders on either side are getting adjusted to it,' RBI governor Shaktikanta Das said on the matter. Products that India is increasingly supplying to Russia include medicines, automobile parts, textiles and food products, Valkov said.Īn email sent to the RBI did not receive a response at the time of going to press.Īddressing the media after the RBI's monetary policy review last week, deputy governor T Rabi Sankar said that while interest in rupee trade is increasing, volumes were not picking up due to teething issues. India-Russia trade in calendar 2022 is estimated to have trebled from the previous calendar year. With India opting to purchase discounted oil from Moscow, Russia is now the single-largest supplier of crude to the country, having toppled Iraq from the position.Įarlier this month, Alexey Valkov, director of the St Petersburg International Economic Forum (SPIEF), told ET that trade between India and Russia hit a record $39.8 billion in FY23.

$all currency in indian rupees$

A vostro account is held at a bank on behalf of another lender that's typically located in a foreign country.

All currency in indian rupees