Russian bank to launch cross-border rupee transactions ...News

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Russian bank to launch cross-border rupee transactions
Moscow and New Delhi are shifting away from the US dollar in mutual trade Russia’s second-largest bank, VTB, announced on Wednesday that it will launch cross-border transfers in Indian rupees by the end of September, following the lead of top Russian lender Sber. According to VTB, retail clients will be able to send money to individuals and legal entities in India. Transactions will have a limit of 20 million rubles ($213,000), and there will be a 1% commission on the transfer amount. Last October, VTB said it had opened a Special Rupee Vostro Account (SRVA) at its Indian branch, to enable the more active use of I

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