There are several private and public sector banks that have opened specials accounts for rupee vustro. This will facilitate the overseas trade in rupees. The mechanism for the same will be starting soon in a brief scale.
As of now, there are 20 banks which has already opened a special rupee vostro account. Several banks from Russia has approached authorized dealer (AD) banks in India. The banks include HDFC Bank, UCO Bank, Axis Banks, Yes Bank, IndusInd Bank, etc. The director of Director General of Foreign Trade (DGFT), Santosh Kumar Sarangi said, “But we are constantly in touch with the banks, the RBI and our exporters to ensure that it gradually takes off”. He also said, “Over and above this, all the banks have been told to identify a nodal officer, who will sort out issues pertaining to special vostro accounts. Accordingly all the major banks have listed nodal officers and the list has been shared with all the export promoters council”
