September 15, 2022: The State Bank of India (SBI), facilitate the new mechanism to start trade in rupees with Russia this mechanism previously used for Iran too, the president of India’s exporter group said on Wednesday.
To avert the risk of global currencies depreciation the Reserve Bank of India (RBI) introduced the mechanism to settle international trade in rupees. The move was seen as aiding trade with sanctions-hit Russia.
“SBI has come forward for facilitating trade in rupees with Russia and some other banks have also shown interest,” A. Shaktivel, president of the Federation of Indian Export Organisations.
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