Six other accounts, including five for trade with Sri Lanka and one for trade with Mauritius have been authorised, the same document showed. India's central bank has given approval to banks to open 12 vostro for trade in rupees with Russia, according to the document. Mauritius and Sri Lanka have also shown interest, and have seen their special vostro accounts approved by the RBI, documents showed. Opening of these accounts needs approval from the Reserve Bank of India. The four countries have shown interest in opening special rupee accounts, called vostro accounts, but partner banks in India have not yet provided those facilities, documents showed. The sources declined to be named, as the matter is confidential. The government is looking to bring countries that are short of dollars into the mechanism, said a government official and an industry source aware of the development. The Reserve Bank of India (RBI) set up the mechanism in July.
It has already been used by Russia following the imposition of sanctions on Moscow over the Ukraine war. Tajikistan, Cuba, Luxembourg and Sudan have begun talking to India about using the mechanism, according to two sources and an official document reviewed by Reuters. Dec 16 (Reuters) - India's rupee trade settlement mechanism, a means of using rupees instead of dollars and other big currencies for international transactions, is attracting interest from more countries.
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