Hi @knaik99 ,
Yes, you will at least be able to ping the directly connected IP subnet, as the VRF name is only locally significant. So it doesn't matter if VRF ABC is configured on one end and VRF xyz (or even global routing table) on the other end.
You can also configure a routing protocol and get connectivity beyond the local connected IP subnet.
Regards,
Regards,
Harold Ritter, CCIE #4168 (EI, SP)