New Delhi: India started paying Russian companies in rupees instead of dollars.
According to the details, after petrol, India has now become the biggest buyer of Russian fertilizer, India is paying Russian companies in rupees instead of dollars.
The strategic partner of the US has allowed the country’s two largest private banks, HDFC and Canara, to open WASTRO accounts for transactions in Indian currency.
Two of Russia’s largest banks Subar and VTB are the first banks to open such an account in India, now Russia’s third bank Gazprom has also opened a Vastro account in India.
Bank of India says the purpose of these accounts is to trade in rupees from foreign countries.