Sources say the Reserve Bank of India has permitted HDFC Bank Ltd. and Canara Bank Ltd.
Bengaluru-based newspapers Business Standard and Business Standard today cited sources in the banking sector to suggest that the Reserve Bank of India has permitted HDFC Bank Ltd. and Canara Bank Ltd. to open a special vostro account for rupee commerce with Russia.Vostro accounts are crucial to correspondent banking since they are accounts that a bank manages on behalf of another, frequently foreign, bank.