A Sri Lankan bank has opened a vostro account with State Bank of India to conduct bilateral trade in the Indian rupee, Indian High Commission in Colombo said.
High Commissioner Gopal Baglay discussed this and related matters with South Asia regional head of the State Bank of India Vikas Goel yesterday (20), it tweeted.
The Central Bank of India recently approved banks to open five vostro accounts for trade with Sri Lanka.
That allows for the use of rupees instead of dollars and other big currencies for international transactions.
