{"id":23772,"date":"2022-12-18T07:52:53","date_gmt":"2022-12-18T07:52:53","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/sri-lanka-mauritius-banks-open-rupee-trade-accounts"},"modified":"2022-12-18T09:12:25","modified_gmt":"2022-12-18T09:12:25","slug":"sri-lanka-mauritius-banks-open-rupee-trade-accounts","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/sri-lanka-mauritius-banks-open-rupee-trade-accounts","title":{"rendered":"Sri Lanka, Mauritius banks open rupee trade accounts"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span><\/a>After Russia, banks from Sri Lanka and Mauritius have also opened special rupee trading accounts in local branches here. So far 18 foreign banks have opened special rupee Vostro accounts with 11 local bank branches in India, sources in the commerce ministry said.<\/p>\n

<\/a>Officials at the commerce ministry told this newspaper State Bank of India has also opened rupee trading accounts of Sri Lankan and Mauritius banks.<\/p>\n

The country\u2019s largest bank in the past expressed its reluctance to open rupee trading accounts for Russian entities citing the risk of sanctions from the US and other European countries.<\/p>\n

<\/a>Among other Indian banks, IndusInd Bank has opened 6 Vostro accounts of Russian banks. Uco Bank, HDFC Bank, Canara Bank and Union Bank of India have one Vostro account for each of the Russian banks.<\/p>\n

Indian Bank has opened three Vostro accounts of Sri Lankan banks, while two local branches of Russian banks \u2013 Sberbank and VTB \u2013 have also opened rupee trading accounts.<\/p>\n

<\/a>A Vostro account is a corresponding account a local bank maintains for a foreign bank.<\/p>\n

Meanwhile, commerce ministry officials have told this newspaper that in a recent joint meeting of banks and the Export Promotion Councils, it has been decided that the Federation of Indian Export Organizations (FIEO) and Indian Banking Association (IBA) will organize a sensitization meeting for bankers as well as exporters so that there is greater awareness about special Vostro accounts and how they operate.<\/p>\n

<\/a>\u201cThere is a lack of clarity as far as how the special rupee Vostro account will operate.<\/p>\n

In this context, RBI has already uploaded an FAQ and it has decided as and when there is a need for any clarity, the RBI will keep updating the FAQ so that at the banker or at exporter level there is no doubt about the operational aspect of the special rupee Vostro account,\u201d said an official.<\/p>\n

The officials, however, could not share the number or value of transactions through these accounts. <\/a>State Bank of India opens rupee trading accounts<\/p>\n

<\/a>Officials at the commerce ministry said SBI has opened rupee trading accounts of Sri Lankan and Mauritius banks.<\/p>\n

The bank in the past expressed its reluctance to open rupee trading accounts for Russian entities citing the risk of sanctions from the US and other European countries<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. After Russia, banks from Sri Lanka and Mauritius have also opened special rupee trading accounts in local branches here. So far 18 foreign banks have opened special rupee Vostro accounts with 11 local bank branches in India, sources in the commerce ministry said. Officials at the commerce ministry told this newspaper State […]<\/p>\n","protected":false},"author":84,"featured_media":23771,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[233,245,373,241],"class_list":["post-23772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-mauritius","tag-bank","tag-mauritius"],"yoast_head":"\nSri Lanka, Mauritius banks open rupee trade accounts - Mauritius<\/title>\n<meta name=\"description\" content=\"After Russia, banks from Sri Lanka and Mauritius have also opened special rupee trading accou ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/sri-lanka-mauritius-banks-open-rupee-trade-accounts\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sri Lanka, Mauritius banks open rupee trade accounts\" \/>\n<meta property=\"og:description\" content=\"After Russia, banks from Sri Lanka and Mauritius have also opened special rupee trading accou ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/sri-lanka-mauritius-banks-open-rupee-trade-accounts\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-18T07:52:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-18T09:12:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2022\/12\/postQueueImg_1671337510.14.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/sri-lanka-mauritius-banks-open-rupee-trade-accounts#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/sri-lanka-mauritius-banks-open-rupee-trade-accounts\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Sri Lanka, Mauritius banks open rupee trade accounts\",\"datePublished\":\"2022-12-18T07:52:53+00:00\",\"dateModified\":\"2022-12-18T09:12:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/sri-lanka-mauritius-banks-open-rupee-trade-accounts\"},\"wordCount\":397,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/sri-lanka-mauritius-banks-open-rupee-trade-accounts#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2022\/12\/postQueueImg_1671337510.14.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mauritius\",\"Bank\",\"Mauritius\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/sri-lanka-mauritius-banks-open-rupee-trade-accounts#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/sri-lanka-mauritius-banks-open-rupee-trade-accounts\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/sri-lanka-mauritius-banks-open-rupee-trade-accounts\",\"name\":\"Sri Lanka, Mauritius banks open rupee trade accounts - 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