Yes Bank-UCO Bank Tie Up with Russian Banks: There is news for the customers of UCO Bank and Yes Bank. Yes Bank and UCO Bank have tied up with two Russian banks. Through this agreement, both these banks will move forward in the direction of India doing business with Russia. Let us tell you that after attacking Ukraine, many countries including America have imposed economic sanctions on Russia. However, there has not been much change in India’s trade relations with Russia.
Know which banks have agreements with
UCO Bank has tied up with Gazprom Bank and apart from UCO Bank, Yes Bank has also signed an agreement with Petersburg Social Commercial Bank (PSCB) of Russia. According to a news of Times of India, this information has been received. Its sources have told more things, in which information has been given about the country’s largest state-owned bank State Bank of India ie SBI also finding payment options with Russian banks.
Reserve Bank has made mechanism for foreign payments
The agreement between Uco Bank and Gazprom Bank comes at a time when the Reserve Bank of India has put in place a mechanism to allow foreign payments through special Vostro accounts. In the absence of such normal arrangements, the foreign payments that were made were in Euro or other foreign currency. These mostly happen through Gulf countries whose exports from India have been affected.
Increase in business prospects with Russia
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.