Categories: Banking

UCO & Yes Bank tie up with Russian banks for payments

UCO Bank and Yes Bank have put in place arrangements with two Russian banks as India seeks to step up trade with the sanctioned nation. Nearly a month after it was reported that more than 15 Russian banks were in advanced talks with Indian lenders to facilitate bilateral business in their respective local currencies, two of India’s banks have taken a step towards the same.

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UCO & Yes Bank Tie Up With Russian Banks To Boost Trade:

UCO Bank has partnered with Gazprom Bank, while Yes Bank has also formed an arrangement with Russia’s Petersburg Social Commercial Bank (PSCB).
Its sources have told more things, in which information has been given about the country’s largest state-owned bank State Bank of India, i.e SBI, also finding payment options with Russian banks.
The deal between Uco Bank and Gazprom Bank comes as the Reserve Bank of India implements a system to facilitate international payments through special Vostro accounts. In the absence of such standard procedures, overseas payments were made in Euros or other foreign currencies. These primarily occur through Gulf nations, whose exports from India have been harmed.

Due to all the economic sanctions imposed on Russia, Indian exporters are seeing business opportunities and opportunities in Russia. Exports from Russia mainly include pharmaceuticals, food articles, textiles and telecom equipment.

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