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India’s central bank approves Russian banks’ applications to open rupee accounts

It is noted that the Indian government has taken a series of steps to not only sustain but boost exports to Russia, including allowing payments in national currencies and ensuring the smooth activization of the International North South Transport Corridor

NEW DELHI, August 3. /TASS/. The Reserve Bank of India (RBI) has approved 34 applications from various Russian banks to open special rupee-denominated vostro accounts with 14 Indian commercial banking institutions, Indian Minister of State for Commerce and Industry Anupriya Patel said.

"As of July 2, the RBI has approved 34 applications from different Russian banks for opening SRVA in 14 Indian commercial banks," the minister said, cited by the Business Standard newspaper.

"India's trade with Russia has been affected due to the difficulties in payment because of sanctions on major Russian banks, including their disconnection from SWIFT, problems in insurance and re-insurance coverage, and logistics, as the major shipping and logistics companies do not serve Russia-bound cargo," Patel noted.

The Indian government has taken a series of steps to not only sustain but boost exports to Russia, including allowing payments in national currencies and ensuring the smooth activization of the International North South Transport Corridor and the Eastern Maritime (Chennai-Vladivostok) Corridor, the commerce minister noted.

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