RBI nod to 34 applications from Russian banks to open accounts: Govt to Parl

The government told Parliament that India’s trade with Russia has been affected due to the difficulties in payment because of sanctions on major Russian banks including their disconnection from SWIFT, problems in insurance and re insurance coverage; and logistics, as the major shipping and logistics companies do not serve Russia bound cargo.

“Government of India has taken several steps to not andy sustain but to increase our exports to Russia, including payments in national currencies, smooth operacionalization of the International North South Transport Corridor and the Eastern Maritime (Chennai-Vladivostok) Corridor,” minister of state for commerce and industry Anupriya Patel in a written reply in the Lok Sabha.

As of July 2, 2023, the Reserve Bank of India has approved 34 applications from different Russian banks for opening Special Rupee Vostro Accounts in 14 Indian commercial banks. Additionally, multiple meetings have been held with traders, banks and other stakeholders to resolve trade related issues.


MSMEs in PLI

The government told Parliament on Wednesday said that out of the 733 applications selected under various PLI schemes, 176 MSMEs are among the beneficiaries in sectors such as Bulk Drugs, Medical Devices, Pharma, Telecom, White Goods, Food Processing, Textiles & Drones.

As on date, the Union Cabinet has not approved any proposal to add any new sectors under PLI Schemes, minister of state for commerce and industry Som Parkash in a written reply in the Lok Sabha.

Startups

Since the launch of the Startup India initiative in 2016, DPIIT has recognised 98,119 entities as startups as on April 20, 2023. The direct jobs created (self-reported) by the recognised startups over the last three years- 2020, 2021 and 2022 were 2.7 lakh, 2.01 lakh and 1.59 lakh, respectively.

As on April 30, Rs 611.36 crore were approved for 160 incubators under experts advisory committee under Startup India Seed Fund Scheme.