The Reserve Bank of India (RBI) authorities will have conversations with their counterparts from the Russian national bank to make an administrative system to support two-sided exchange and banking activities between the two nations.
Talks are additionally in progress to make a devoted payment mechanism to work with India’s energy purchases from Moscow.
A conventional gathering among RBI and the Russian authorities could happen as soon as the following week.
“The government has given an in-principle green signal for the INR-rouble trade, and it now needs to be brought under a regulatory framework. This meeting will be first in that direction,”
an official quoted in a report.
The RBI has proactively led a gathering with top Russian financial institutions to additionally investigate the options of fostering a functional payment mechanism between India and Russia.
In the meantime, the Union Commerce and the External Affairs ministries are drawing out the techniques for the collaboration between the two nations in the midst of western sanctions against Moscow owing to the continuous Russia-Ukraine war.