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© Reuters. FILE PHOTO: A bird flies past a window of a HDFC Bank branch office in Mumbai, India, October 21, 2015. REUTERS/Shailesh Andrade
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© Reuters. FILE PHOTO: A bird flies past a window of a HDFC Bank branch office in Mumbai, India, October 21, 2015. REUTERS/Shailesh Andrade
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BENGALURU (Reuters) – 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 on Monday, 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.
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