Indian UCO Bank prepares to open rupee account with Gazprombank
[ad_1]
State Bank of India UCO Bank will soon open a special rupee account with Russia’s Gazprombank to boost trade between the two countries. About this agency Bloomberg UCO Bank Managing Director and Chief Executive Officer Soma Shankara Prasad said.
The bank has received the necessary approval from the regulator, the Reserve Bank of India, to open a dedicated rupee account, he said. Prasad said UCO Bank will set operating terms before opening an account with the Russian partner, adding that there is no clear timeline for when transactions can begin.
Crude oil trade between the two countries more than quintupled to $13.3 billion from $2.6 billion a year earlier.
In the summer, Bloomberg reported that India offers Russia to trade in rupees. At the same time it became known that Russia and India may recognize each other’s payment systems.
[ad_2]
Source link