Russian banks have approached exporters with a proposal for a rupee-rouble payment method, in which the Russian currency is translated into Indian rupees at a predetermined exchange rate and the funds are deposited in an Indian bank account.
The government and the Reserve Bank of India have picked two Russian banks, Sberbank and VTB, albeit a final decision on whether India will pursue this route or pursue another scheme is pending.
“The decision will be taken at the highest level. We have identified the banks from the Russian side and will shortly finalise the Indian counterpart,” informed a government source.
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