Vostro accounts form a key part of correspondent banking.(File)Bengaluru: The Reserve Bank of India has allowed HDFC Bank Ltd and Canara Bank Ltd to open a special “vostro account” for trade in rupees with Russia, local newspaper Business Standard reported today, citing banking industry sources.Vostro accounts are accounts a bank holds on behalf of another, often foreign bank, and this forms a key part of correspondent banking.(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)Featured Video Of The DayLionel Messi Is BYJU’S Global Brand Ambassador For…
Source link
Strange India 