OREANDA-NEWS. First Deputy Governor of the Bank of Russia Ksenia V. Yudaeva and Deputy Governor of the Reserve Bank of India Harun Rashid Khan held a regular meeting of the bilateral sub-committee on financial and banking issues, an industry body within the Russian-Indian Intergovernmental Commission.

Representatives of Russian and Indian commercial banks, as well as Russian Trade Representation in India attended the meeting. The parties discussed the current issues of the Russian-Indian cooperation in banking, including problems of interaction between Russian and Indian credit institutions.

The sub-committee considered the conclusions and recommendations prepared by an expert working group for settlements in national currencies. The working group noted in its report to the sub-committee that there were no serious regulatory limitations for making settlements on trade contracts in rubles and rupees and offered standard settlement models which correspond on the whole to the current commercial practice of banks of the two countries. A decision was made to discuss with business community of both countries a possibility of a wider practical use of these models, as well as measures to reduce transaction costs when making settlements in national currencies.