Indo-Russian Working Group on Banking and Finance holds meeting

The Indo-Russian Working Group on Banking and Finance held its 23rd meeting in Udaipur (India) on 1-3 May 2017. It was attended by representatives of the Bank of Russia, Reserve Bank of India, Russian and Indian commercial banks, specialised export-import banks and insurance companies.

The parties discussed the current state and prospects of interbank cooperation, collaboration between export support institutions and cooperation in insurance.

The meeting was the first to be held since the working group’s status was upgraded in 2016. The new status changed the traditional meeting format and broadened the agenda to include discussions of prospective lines of cooperation between central and commercial banks.

In the follow-up to the discussion, the parties praised the new format and agreed to step up cooperation between the divisions of the Bank of Russia and the Reserve Bank of India to exchange best practices in central banking issues of mutual interest.