Русский
The Central Bank of Russia is to open a representative office in India, the regulator’s press service has stated, saying “The Central Bank of Russia is looking into opening a representative office in Mumbai, India. This would contribute to solidifying interaction between the two countries’ regulators, as well as developing cooperation in the financial sector and expanding trade and economic relations.”
Central Bank First Deputy Governor Vladimir Chistyukhin, who also currently oversees the operations of the Central Bank’s representative office in China, would supervise the representative office according to the organizational structure of the Central Bank of Russia’s head office.
Sberbank and VTB , through branches, and Gazprombank and VEB.RF, through representative offices, currently operate in India.
Russia’s Central Bank would not provide commercial services in India but instead, as the bank stated, liaise with the Indian Central Bank (the Reserve Bank of India) to monitor and manage physical transactions between the two countries, and instruct their commercial banks accordingly. The move comes after expectations that the two countries will shortly interlink their respective financial settlement systems.
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