• About Us
  • Contact Us
Wednesday, February 8, 2023
  • Login
  • Register
B2B Infomedia
No Result
View All Result
  • Home
  • Fintech
    Credit card numbers continue to slip after RBI’s deactivation order

    PayU’s LazyPay, Kissht blocked after IT Ministry’s order

    Credit card numbers continue to slip after RBI’s deactivation order

    Digital economy push offers hope for multiple players: Mastercard

    PayU reports over 50% jump in revenue, clocks net profit of Rs 126 crore

    Paytm Payments Bank gets final RBI nod to operate as Bharat Bill Payment Operating Unit

    Indian Bank to hold vostro A/cs of 3 Sri Lankan banks

    Indian Bank expands digital offerings under ‘Project WAVE’ initiative

    India records over 23 billion digital payments worth Rs 38.3 lakh crore in Q3

    Cabinet approves promotional incentives worth Rs 2,600 crore for Rupay debit cards, low value UPI transactions

    RBI response sought on PIL seeking uniform banking code for forex transactions

    Reserve Bank of India puts on hold NUE licensing

  • BFSI
    Credit card numbers continue to slip after RBI’s deactivation order

    PayU’s LazyPay, Kissht blocked after IT Ministry’s order

    Leading NBFCs offer up to 8.84% to attract retail savings

    NBFC-MFIs dominate microfinance market, says new report

    Banks’ exposure to Adani group ‘insufficient’, face limited risk: Fitch

    Banks’ exposure to Adani group ‘insufficient’, face limited risk: Fitch

    Moody’s says bank exposure to Adani not large to affect credit quality

    Moody’s says bank exposure to Adani not large to affect credit quality

    Banks to tap intelligence agencies before loans to ex-defaulters

    Banking laws recast likely to protect bankers from Lokpal

    HSBC confident it can serve an aspirational India going global

    HSBC confident it can serve an aspirational India going global

  • Education
    Education ministry sets up panel to strengthen assessment, accreditation of higher educational institutions

    Thousands of orphans will get opportunity to study at DU free of cost: VC

    Increase in SC, ST and OBC students enrolment in higher education institutions: AISHE 2020-21

    Increase in SC, ST and OBC students enrolment in higher education institutions: AISHE 2020-21

    AISHE 2020-21: Enrolment of Muslim students for higher education decreases to 4.6%

    AISHE 2020-21: Enrolment of Muslim students for higher education decreases to 4.6%

    IIM Raipur introduces executive certificate programme for Strategic Chief Marketing officers

    IGNOU launches PG diploma Journalism; course available in three languages

    UPCON and Jadooz to set up edutainment centres called ‘Magic Rooms’ in rural Uttar Pradesh

    School dropout rate declines, gender parity improves: Economic Survey

    Entry of foreign varsities in India will lead to healthy competition: Private Universities’ VCs

    Gender gap in undergraduate programmes widens, gains of last few years lost to pandemic: AISHE Report

  • Enterprise
    Leading NBFCs offer up to 8.84% to attract retail savings

    NBFC-MFIs dominate microfinance market, says new report

    Moody’s says bank exposure to Adani not large to affect credit quality

    Moody’s says bank exposure to Adani not large to affect credit quality

    SBI says further financing to Adani projects to be evaluated on merit

    Don’t see loan exposure to Adani as an issue for SBI, says CreditSights

    IL&FS to distribute Rs 3,200 crore to IFIN creditors

    IL&FS to distribute Rs 3,200 crore to IFIN creditors

    Banks to tap intelligence agencies before loans to ex-defaulters

    Banks to face margin pressure next fiscal, net interest margin may fall by 10 basis points to 3.45%: Fitch

    Bonds out, Adani Group looks for new ways to refinance ACC, Ambuja M&A loans

    Bonds out, Adani Group looks for new ways to refinance ACC, Ambuja M&A loans

  • Technology
    Credit card numbers continue to slip after RBI’s deactivation order

    PayU’s LazyPay, Kissht blocked after IT Ministry’s order

    Web Werks – Iron Mountain JV launches its First Greenfield Data Center in Mumbai

    Web Werks – Iron Mountain JV launches its First Greenfield Data Center in Mumbai

    New Course by IITs: BTech in Computational Engineering

    New Course by IITs: BTech in Computational Engineering

    Niti Aayog’s AIM, CBSE, Intel India collaborate to bring change in education sector

    Niti Aayog’s AIM, CBSE, Intel India collaborate to bring change in education sector

    Indian Bank to hold vostro A/cs of 3 Sri Lankan banks

    Indian Bank expands digital offerings under ‘Project WAVE’ initiative

    India records over 23 billion digital payments worth Rs 38.3 lakh crore in Q3

    Cabinet approves promotional incentives worth Rs 2,600 crore for Rupay debit cards, low value UPI transactions

  • Events
    • Upcoming Events
    • Past Events
  • Home
  • Fintech
    Credit card numbers continue to slip after RBI’s deactivation order

    PayU’s LazyPay, Kissht blocked after IT Ministry’s order

    Credit card numbers continue to slip after RBI’s deactivation order

    Digital economy push offers hope for multiple players: Mastercard

    PayU reports over 50% jump in revenue, clocks net profit of Rs 126 crore

    Paytm Payments Bank gets final RBI nod to operate as Bharat Bill Payment Operating Unit

    Indian Bank to hold vostro A/cs of 3 Sri Lankan banks

    Indian Bank expands digital offerings under ‘Project WAVE’ initiative

    India records over 23 billion digital payments worth Rs 38.3 lakh crore in Q3

    Cabinet approves promotional incentives worth Rs 2,600 crore for Rupay debit cards, low value UPI transactions

    RBI response sought on PIL seeking uniform banking code for forex transactions

    Reserve Bank of India puts on hold NUE licensing

  • BFSI
    Credit card numbers continue to slip after RBI’s deactivation order

    PayU’s LazyPay, Kissht blocked after IT Ministry’s order

    Leading NBFCs offer up to 8.84% to attract retail savings

    NBFC-MFIs dominate microfinance market, says new report

    Banks’ exposure to Adani group ‘insufficient’, face limited risk: Fitch

    Banks’ exposure to Adani group ‘insufficient’, face limited risk: Fitch

    Moody’s says bank exposure to Adani not large to affect credit quality

    Moody’s says bank exposure to Adani not large to affect credit quality

    Banks to tap intelligence agencies before loans to ex-defaulters

    Banking laws recast likely to protect bankers from Lokpal

    HSBC confident it can serve an aspirational India going global

    HSBC confident it can serve an aspirational India going global

  • Education
    Education ministry sets up panel to strengthen assessment, accreditation of higher educational institutions

    Thousands of orphans will get opportunity to study at DU free of cost: VC

    Increase in SC, ST and OBC students enrolment in higher education institutions: AISHE 2020-21

    Increase in SC, ST and OBC students enrolment in higher education institutions: AISHE 2020-21

    AISHE 2020-21: Enrolment of Muslim students for higher education decreases to 4.6%

    AISHE 2020-21: Enrolment of Muslim students for higher education decreases to 4.6%

    IIM Raipur introduces executive certificate programme for Strategic Chief Marketing officers

    IGNOU launches PG diploma Journalism; course available in three languages

    UPCON and Jadooz to set up edutainment centres called ‘Magic Rooms’ in rural Uttar Pradesh

    School dropout rate declines, gender parity improves: Economic Survey

    Entry of foreign varsities in India will lead to healthy competition: Private Universities’ VCs

    Gender gap in undergraduate programmes widens, gains of last few years lost to pandemic: AISHE Report

  • Enterprise
    Leading NBFCs offer up to 8.84% to attract retail savings

    NBFC-MFIs dominate microfinance market, says new report

    Moody’s says bank exposure to Adani not large to affect credit quality

    Moody’s says bank exposure to Adani not large to affect credit quality

    SBI says further financing to Adani projects to be evaluated on merit

    Don’t see loan exposure to Adani as an issue for SBI, says CreditSights

    IL&FS to distribute Rs 3,200 crore to IFIN creditors

    IL&FS to distribute Rs 3,200 crore to IFIN creditors

    Banks to tap intelligence agencies before loans to ex-defaulters

    Banks to face margin pressure next fiscal, net interest margin may fall by 10 basis points to 3.45%: Fitch

    Bonds out, Adani Group looks for new ways to refinance ACC, Ambuja M&A loans

    Bonds out, Adani Group looks for new ways to refinance ACC, Ambuja M&A loans

  • Technology
    Credit card numbers continue to slip after RBI’s deactivation order

    PayU’s LazyPay, Kissht blocked after IT Ministry’s order

    Web Werks – Iron Mountain JV launches its First Greenfield Data Center in Mumbai

    Web Werks – Iron Mountain JV launches its First Greenfield Data Center in Mumbai

    New Course by IITs: BTech in Computational Engineering

    New Course by IITs: BTech in Computational Engineering

    Niti Aayog’s AIM, CBSE, Intel India collaborate to bring change in education sector

    Niti Aayog’s AIM, CBSE, Intel India collaborate to bring change in education sector

    Indian Bank to hold vostro A/cs of 3 Sri Lankan banks

    Indian Bank expands digital offerings under ‘Project WAVE’ initiative

    India records over 23 billion digital payments worth Rs 38.3 lakh crore in Q3

    Cabinet approves promotional incentives worth Rs 2,600 crore for Rupay debit cards, low value UPI transactions

  • Events
    • Upcoming Events
    • Past Events
No Result
View All Result
B2B Infomedia
No Result
View All Result
Home BFSI

Nine Russian banks open special vostro accounts for trade in rupee

​​Sberbank and VTB Bank -- the largest and second-largest banks of Russia, respectively -- are the first foreign lenders to receive the approval after the RBI announced the guidelines on overseas trade in the rupee in July. Another Russian bank Gazprom - which does not have its bank in India - has also opened this account with Kolkata-based Uco Bank.

Prashant Dwivedi by Prashant Dwivedi
November 16, 2022
in BFSI
A A
0
Nine Russian banks open special vostro accounts for trade in rupee
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

As many as nine special vostro accounts have been opened with two Indian banks after permission from the Reserve Bank of India to facilitate overseas trade in rupee, a top government official said on Tuesday.

Sberbank and VTB Bank — the largest and second-largest banks of Russia, respectively — are the first foreign lenders to receive the approval after the RBI announced the guidelines on overseas trade in the rupee in July.

Another Russian bank Gazprom – which does not have its bank in India – has also opened this account with Kolkata-based UCO Bank.

“Nine accounts have been opened. One in Uco Bank, one in Sber, one in VTB and 6 with IndusInd Bank. These six are different Russian banks,” Commerce Secretary Sunil Barthwal told reporters in New Delhi.

The move to open the special vostro account clears the deck for settlement of payments in rupee for trade between India and Russia, enabling cross-border trade in the Indian currency, which the RBI is keen to promote.

The RBI has allowed the special vostro accounts to invest the surplus balance in Indian government securities to help popularise the new arrangement.

UCO Bank already has a vostro account-based facility in Iran. Gazprombank, or GPB, is a privately-owned Russian lender and the third-largest bank in the country by assets.

Last month, the RBI and finance ministry asked the top management of banks and representatives of trade bodies to push export and import transactions in the rupee. They want banks in India to connect with their foreign counterparts for opening special rupee vostro accounts to facilitate cross-border trade in the Indian currency rather than the popular mode of the US dollar.

On when the rupee trade will begin with Russia, the secretary said there is a process involved in it and hopefully it would materialise soon.

Barthwal said he held a meeting with officials of UCO Bank, RBI and the Department for Financial Services and discussed ways to promote rupee trade.

“We want to promote rupee trade because that is in the nation’s interest. We would also not be looking unnecessarily for dollars. To the extent, rupee trade is possible, we will go for it,” he added.

0Like
0Dislike
50% LikesVS
50% Dislikes
Source: Economic Times
Tags: forexGazprombankIndia-Russia TradeIndudInd BankrbiUCO BankVistri Account
Previous Post

TTBS cloud-telephony Smartflo boosting BFSI operations across the country to accomplish financial inclusion goals

Next Post

CBI books Rotomac Global in Rs 750 crore bank fraud case

Prashant Dwivedi

Prashant Dwivedi

Related Posts

Credit card numbers continue to slip after RBI’s deactivation order
Technology

PayU’s LazyPay, Kissht blocked after IT Ministry’s order

February 8, 2023
Leading NBFCs offer up to 8.84% to attract retail savings
Enterprise

NBFC-MFIs dominate microfinance market, says new report

February 8, 2023
Banks’ exposure to Adani group ‘insufficient’, face limited risk: Fitch
BFSI

Banks’ exposure to Adani group ‘insufficient’, face limited risk: Fitch

February 8, 2023
Next Post
CBI books Rotomac Global in Rs 750 crore bank fraud case

CBI books Rotomac Global in Rs 750 crore bank fraud case

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

14th NBFC & FINTECH CONCLAVE & AWARDS 2023
Subscribe to our Newsletter
johnsmith@example.com

Recent News

Credit card numbers continue to slip after RBI’s deactivation order

PayU’s LazyPay, Kissht blocked after IT Ministry’s order

February 8, 2023
Leading NBFCs offer up to 8.84% to attract retail savings

NBFC-MFIs dominate microfinance market, says new report

February 8, 2023
Banks’ exposure to Adani group ‘insufficient’, face limited risk: Fitch

Banks’ exposure to Adani group ‘insufficient’, face limited risk: Fitch

February 8, 2023
Moody’s says bank exposure to Adani not large to affect credit quality

Moody’s says bank exposure to Adani not large to affect credit quality

February 8, 2023
B2B Infomedia

Be To Be Infomedia Pvt. Ltd. represents the inovative platfrom to the clients and widely recognised as one of the ponier networking platfrom with the team of young, creative, dynamic & dedicated professionals.

Quick Links

  • Home
  • About Us
  • Contact Us
  • Privacy Policy
  • Refund Policy
  • Terms and Conditions

All News

  • BFSI
  • Edtech
  • Education
  • Enterprise
  • Financial Inclusion
  • Fintech
  • Pharma
  • Startup
  • Technology
Subscribe to our Newsletter
johnsmith@example.com
  • About Us
  • Contact Us

© 2022 b2binfomedia - Designed & Maintain by hscreativehub.com.

No Result
View All Result
  • Home
  • About Us
  • Upcoming Events
  • Fintech
  • BFSI
  • Education
  • Technology
  • Startup
  • Enterprise
  • Pharma
  • Contact Us
  • Login
  • Sign Up

© 2022 b2binfomedia - Designed & Maintain by hscreativehub.com.

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In