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UCO, Yes Bank In Talks With Russia For Finalising Trade Mechanism
Earlier the news agency had reported that large lenders are reluctant to process trade transactions in the rupee with Russia due to fear of getting targeted by sanctions. India is hence, counting on smaller banks like UCO and Yes Bank
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UCO Bank and Yes Bank are in talks with their Russian counterparts for a payment mechanism for trade between the two countries, news agency Reuters reported on Wednesday, citing a senior government official.
Earlier the news agency had reported that large lenders are reluctant to process trade transactions in the rupee with Russia due to fear of getting targeted by sanctions. India is hence, counting on smaller banks like UCO and Yes Bank.
Banks are discussing the currency pair for the payment mechanism, and the options include the Indian rupee paired with the Russian rouble or Saudi Arabia's riyal, the official said.
The official did not explain how the rupee-riyal mechanism will be designed to settle trade between New Delhi and Moscow.