SBI to facilitate rupee trade with Russia after RBI gives approval

9 Indian banks have permission to open 17 special vostro rupee accounts for overseas trade with sanctions-hit nation

State Bank of India (SBI) has changed its previous stance and will now facilitate rupee trade with sanctions-hit Russia, in line with its private sector peer HDFC Bank, said people aware of the matter.

It is learnt that the Reserve Bank of India (RBI) gave its approval for Russia’s Bank Zenit PJSC to open a special rupee vostro account with state-owned SBI, India's largest lender.

A total of nine Indian banks have approval to open 17 special vostro rupee accounts for overseas trade with Russia. These are: UCO Bank, Indian Bank, HDFC Bank, YES Bank, IndusInd Bank, IDBI Bank, Canara