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Reserve Bank of India recognizes use of SWIFT alternative feasible in respect of Russia

"It is a diplomatically sensitive issue so more consideration is needed," a source said

NEW DELHI, September 2. /TASS/. The Reserve Bank of India recognizes the initiative of using a SWIFT alternative for financial exchanges with Russia as feasible, Businessline news outlet said, citing a source.

According to the newspaper, meetings between senior officials from the Reserve Bank of India (RBI) and some public sector banks with their counterparts in Russia took place after Indian Prime Minister Narendra Modi’s recent meeting with Russian President Vladimir Putin in Moscow, where they agreed to promote trade settlement in national currencies and introduce digital financial instruments into mutual settlements

"There is a view in RBI that the proposal is doable but talks are still on. It is a diplomatically sensitive issue so more consideration is needed," a source familiar with the matter told the newspaper.

The trade between India and Russia increased to $65 billion in 2023-2024 and the two countries intend to achieve $100 billion trade by 2030, the news outlet said. "For national currency trade settlement and quick pay to be more efficient, it is important to have a new transaction facilitating mechanism," the source noted.

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