Russia and India to start trade in rupees ...News

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Russia and India to start trade in rupees
A new payment mechanism has been given the green light to boost Indian exports India will soon launch trade in rupees with Russia, the head of the Federation of Indian Export Organizations (FIEO) said this week. This comes after the State Bank of India agreed to simplify a new payment mechanism. “The State Bank of India has come forward for facilitating trade in rupees with Russia and some other banks have also shown interest,” A. Shaktivel told reporters, adding that India already has “a good rupee payment mechanism in Iran, so the same thing will happen [with Russia].” In July, the Reserve Bank of India, the cou

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