Indian lenders and Russia's Gazprombank are in early-stage discussions to establish correspondent banking services for cross-border payments and trade support. Gazprombank aims to expand its operations in India and has engaged with Indian bankers to explore strengthening banking ties. The talks come amid challenges in international trade due to US-led sanctions on Russia. Gazprombank shared details on sanctions and compliance protocols, while Indian banks discussed exploring bilateral payments through the special rupee vostro account (SRVA) mechanism, permitted by the RBI to promote bilateral trade in local currencies.
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