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The 2 sides will meet to debate cost options reminiscent of Loro or Nostro accounts. The primary is a third-party account, the place a financial institution holds an account in a rustic for an additional financial institution. The second includes a financial institution holding an account overseas in one other financial institution.
“We are going to look at how we are able to open these accounts within the nationwide currencies of India and Russia,” mentioned one of many individuals cited above.
The 2-day assembly is prone to be held on Wednesday and Thursday in New Delhi.
Agenda For the Assembly
Moreover central bankers, officers from ministries, banks and monetary establishments from either side may also attend.
“The magnitude of such a gathering between two international locations is noteworthy though discussions shall be prolonged earlier than each the sovereigns attain a conclusion,” mentioned an individual concerned within the train. The RBI and the Financial institution of Russia did not reply to ET’s queries. Particular person establishments could not be contacted instantly for remark.
SBI,
, , , will probably symbolize Indian bankers together with the Nationwide Funds Company of India (NPCI) and the Overseas Trade Sellers Affiliation of India (FEDAI), mentioned the individuals cited above.
“Folks of common supervisor standing are prone to be part of from our aspect whereas finance ministry officers too are anticipated,” mentioned one of many individuals.
Executives of SberBank and VEB Financial institution Russia are anticipated to be current together with officers from Russia’s commerce and overseas ministries. Financial institution Otkritie, Novikombank, Financial institution Rossiya, Promsvyazbank, VEB and VTB Financial institution are excluded from sanctions, based on the individuals cited above.
