Deputy Chairman of the Central Bank of Russia discussed
cooperation with Reserve Bank of India Executive Director Shrikant Padmanabhan
on using respective national currencies in payment settlements.
India agreed to create a task group to work out a mechanism
for using national currencies in settlements. And so another major bilateral
arrangement is set up that completely bypasses the dollar.
First Deputy Chairman of the Central Bank of the Russian Federation
KV Yudaeva and Executive Director of the Reserve Bank of India G. Padmanabhan
at the twentieth meeting of the Subgroup on banking and financial issues of the
Russian-Indian intergovernmental commission on trade-economic,
scientific-technical and cultural cooperation discussed the current state and
prospects of cooperation between banks.
The meeting was attended by representatives of central
banks, ministries and agencies, credit organizations in Russia and India.
During the meeting dealt with the problems faced by the
branches and subsidiaries of banks in the two countries and ways of addressing
these problems.
As a priority area discussed the use of national currencies
in mutual settlements. Given the urgency of the issue and the interest of commercial
structures of the two countries, the meeting decided to establish a working
group to develop a mechanism for the use of national currencies in mutual
settlements. It will consist of representatives of banks and, if necessary, the
ministries and departments of the two countries to coordinate its activities
will be central banks of Russia and India.
