Yes, the 8051 has 4 banks with 8 registers each. Because of this the registers´ names are the same. So you can select what bank you want to use by RS0 and RS1 bits. You can access the registers in another way, not using R0, R1 etc, but using their respective addresses.

Example:
clr RS0
setb RS1 ; selects bank two

mov A,00h
add A,R0

You can see that at the address 00h is the register R0 of the bank 0. So the result in the accumulator is the sum of R0 bank0 with R0 bank2.

Have fun
Tiago