- According to the federal trade secretary Sunil Barthwal, India has given nine banks the go-ahead to open “vostro” accounts in order to allow rupee-based trading with Russia.
- Three of the nine accounts have already been opened, according to Barthwal.
- According to Barthwal, VTB Bank, SberBank, and UCO Bank have all opened accounts with their respective branch offices in India, along with Gazprom.
India approves nine banks’ “vostro” accounts to promote the use of the rupee.
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