NEW DELHI, December 5. /TASS/. Around 20 Indian banks have opened special rupee accounts to facilitate Indian companies' trade with Russian counterparties, India's Foreign Secretary Vikram Misri told a briefing devoted to results of Russian President Vladimir Putin’s visit to the republic and the 23rd Russian-Indian summit.
This refers to India Vostro accounts (foreign bank accounts held by a resident bank in local currency or the currency of a third country). "They have become a very effective mechanism for facilitating trade between the two countries. As for statistics, I think about 20 banks have opened a large number of Special Vostro Accounts that facilitate trade between the two countries," he said.
The talks between the two countries’ leaders focused on economic issues, including trade, Misri noted. "Expanding trade and strengthening economic cooperation require a decisive reduction in tariff and non-tariff barriers," he said.