August 13, 2022

POINT TRIAL

PORTAL GENERAL BLOG

Exporters Are Being Courted by Russian Banks for the Rupee-Rouble Cost Possibility

1 min read

Russian banks have approached exporters with a proposal for a rupee-rouble cost technique, through which the Russian foreign money is translated into Indian rupees at a predetermined alternate charge and the funds are deposited in an Indian checking account.

The federal government and the Reserve Financial institution of India have picked two Russian banks, Sberbank and VTB, albeit a remaining resolution on whether or not India will pursue this route or pursue one other scheme is pending.

“The choice can be taken on the highest stage. We have now recognized the banks from the Russian aspect and can shortly finalise the Indian counterpart,” knowledgeable a authorities supply.

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