India approves ‘vostro’ accounts for nine banks to help promote trade in rupees

Quick Summary:

  • India wants to promote trade denominated in rupees, but the country has yet to see any international trade deals settled in its domestic currency. (File/Reuters)
  • India has given nine banks approval to open “vostro” accounts to help facilitate trade in rupees with Russia, federal trade secretary Sunil Barthwal said on Tuesday.