Sri Lanka bank opens a ‘Vostro’ account with State Bank of India

A Sri Lanka bank has opened a ‘Vostro’ account with the State Bank of India(SBI) to conduct bilateral trade to India Rupees.

Indian High Commission to Sri Lanka Gopal Baglay discussed the matter and other relevant concerns with Vikas Gopal Soth Asia Regional Head of   SBI, the Indian High Commission in Colombo confirmed.

The Central Bank of India recently gave approval to banks to open five Vostro accounts for trade with Sri Lanka, which allows for the use of rupees instead of dollars and other big currencies for international transactions.