NEW DELHI, December 5 – About 20 banks in India have opened special bank accounts to make it easier for Indian companies to trade with Russian businesses.

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This news was confirmed by India’s Foreign Secretary, Vikram Misri, during a press briefing held after Russian President Vladimir Putin’s visit and the 23rd meeting between the Russian and Indian leaders.

How the New Accounts Work

These special accounts are called Vostro accounts. They allow Russian banks to hold money in Indian Rupees (INR) at an Indian bank.

“These accounts have become a very good way to help trade flow between the two countries. I believe about 20 banks have opened many of these Special Vostro Accounts to help with trade,” Misri explained.

Focus on Economic Cooperation

Misri noted that a main topic of discussion between the two leaders was economic cooperation and trade.

He added that to boost trade and make the economic partnership stronger, the two countries need to “significantly cut down on taxes and other restrictions on goods” that make trade difficult.