State Bank of India ready to open rupee trade account with Russian banks

A vostro account is opened by a domestic bank with a foreign correspondent bank to act as an agent for the domestic bank

State Bank of India (SBI) is willing to work with Russian banks not facing sanctions and remain on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network to open a special rupee vostro account (SRVA) for invoicing in Indian currency. The country’s largest lender in a statement said it has not been identified as the nodal bank for handling Russia-related transactions.

In July, the Reserve Bank of India (RBI) allowed banks in India, including SBI, to open an SRVA to promote invoicing in Indian rupee, subject to certain safeguards.

Accordingly, the bank in a statement said it is “making necessary arrangements and