On the meeting of the Sub-Group on Banking and Financial Matters of the Indo-Russian Inter-Governmental Commission
Ksenia V. Yudaeva, First Deputy Governor of the Central bank of the Russian Federation, and G. Padmanabhan, Executive Director of the Reserve Bank of India, discussed the current situation and development prospects of interbank cooperation during the 20th Meeting of the Sub-Group on Banking and Financial Matters of the Indo-Russian Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation.
The meeting was attended by representatives of Russian and Indian central banks, ministries, agencies and credit institutions.
The meeting considered challenges bank branches and subsidiaries come across on the territory of both countries and their possible solutions.
The issue of national currency usage in mutual settlements was discussed on a priority basis. Due to the urgency of this issue and the interest from businesses in both countries, the meeting participants took a decision to establish a Working group for developing a mechanism of mutual settlements in the national currencies that will include representatives of banks and, if necessary, ministries and agencies of both countries and will be coordinated by Russian and Indian central banks.
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30.07.2014 00.00.00