India, Russia make significant progress in national currencies payment: Alipov

Russia and India make significant progress in establishing payment mechanisms in national currencies, Russian Ambassador to India Denis Alipov has noted.

"I cannot tell you an exact date now, but I can say for sure that we have made significant progress in this dialogue,” he said in an interview with Rossiya 24 TV when asked what progress Russia and India had made regarding de-dollarization.

“I repeat, we have been using this mechanism since 2014, now we need to expand it to cover all the spheres of our partnership,” the Ambassador added, noting that both countries are experienced in the matter.


According to him, the mechanism is being upgraded in the right way. “I think that we will be able to use this mechanism in the nearest future,” the Russian ambassador said.

RBI has approved opening of special vostro accounts by HDFC, Canara Bank, SBI, IndusInd Bank and UCO Bank