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Loro ya. The two sides will meet to discuss payment solutions such as nostro accounts, The first is a third-party account, where one bank maintains an account for another bank in a country. The second involves a bank having an account with another bank in another country.
“We will examine how we can open those accounts in the national currencies of India and Russia,” said a person quoted above.
The two-day meeting is likely to be held in New Delhi on Wednesday and Thursday.
agenda for meeting
Apart from central bankers, officials from ministries, banks and financial institutions from both sides will also be involved.
“The magnitude of such a meeting between the two countries is remarkable, although the discussion will be extended before the conclusion of the two sovereigns is reached,” said a person involved in the exercise. RBI and bank of russia ET did not respond to queries. Individual institutions could not be immediately reached for comment.
State Bank Of India,
Those mentioned above are likely to represent Indian bankers along with the National Payments Corporation of India (NPCI) and the Foreign Exchange Dealers Association of India (FEDAI).
A source said, “People of the rank of General Manager are likely to attend from our side, while officials from the Finance Ministry are also expected to attend.”
Officials from SberBank and VEB Bank Russia are expected to be present, along with officials from the Russian Trade and Foreign Ministries. As mentioned above, Bank Otkrity, Novicombank, Bank Rossiya, Promsvazbank, VEB and VTB Bank are excluded from the sanctions.
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