BRIC nations in consultations over global financial crisis
The emerging economies of Brazil, Russia, India and China are in close consultations over the global financial crisis. War on inflation
By Agencies |
MOSCOW: The emerging economies of Brazil, Russia, India and China (BRIC) are in close consultations over the global financial crisis.
"We are already closely interacting. The central bank chiefs of BRIC country have regular interaction in Swiss Basel every two months, besides bilateral visits," Sergei Ignatiyev Chairman of Bank of Russia on Saturday on the sidelines of annual shareholders' meeting of Russia largest retail bank - Sberbank.
"I have very fruitful and active relations with the RBI Governor Reddy and my other BRIC colleagues as the problems faced by us are common," Ignatiyev said.
At a meeting in Russian city of Yekaterinburg last month the BRIC foreign ministers had called for closer interaction of the financial institutions of their countries to cope with the current crisis.
"We are already closely interacting. The central bank chiefs of BRIC country have regular interaction in Swiss Basel every two months, besides bilateral visits," Sergei Ignatiyev Chairman of Bank of Russia on Saturday on the sidelines of annual shareholders' meeting of Russia largest retail bank - Sberbank.
"I have very fruitful and active relations with the RBI Governor Reddy and my other BRIC colleagues as the problems faced by us are common," Ignatiyev said.
At a meeting in Russian city of Yekaterinburg last month the BRIC foreign ministers had called for closer interaction of the financial institutions of their countries to cope with the current crisis.
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Ignatiyev, who is ex-officio Chairman of the Supervisory Board of the Sberbank, expressed satisfaction at the pace with the Indo-Russian banking relations are developing.
Two Indian banks - ICICI Bank Eurasia LLC and Commercial Bank of India - a JV of State Bank of India (SBI) and Canara Bank are operational in Russia, while in February Russian public sector VTB Bank opened its branch in New Delhi.
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According to President of Sberbank German Gref, formerly Russian Economic Development and Trade Minister, his bank also hopes to open its branch office in India later this year or early next year after RBI nod.
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