HDFC Bank and Canara Bank have got approval from the Reserve Bank of India (RBI) to open a special Vostro account for trade in rupees and both the approvals are for trade with Russia, banking industry sources said.

• So far five Indian banks — UCO Bank, Union Bank, and IndusInd Bank being the other three — have received regulatory clearance for such trade.
• This apart, two Russian banks — Sber Bank and VTB — have the RBI’s approval. Both have branches in India.
• Kolkata-based UCO Bank was the first Indian bank to receive the RBI’s approval to open a special Vostro account with Russia’s Gazprombank, which was set up by the world’s largest gas producer and exporter, Gazprom.