Russia and India launch payment system for direct currency trade
Business
Russia and India just rolled out a new payment system that lets them trade directly in their own currencies: no more complicated workarounds.
Announced by Sberbank India CEO Ivan Nosov at an industrial expo in New Delhi, this upgrade clears years of financial hurdles and is set to make business between the two countries much smoother.
Most payments clear within 10 minutes
The best part? More than 90% of payments from Russia to India now go through in under 10 minutes, with 30% done in just one minute.
Nosov called the system stable and reliable, even when markets get shaky.
Plus, with more than 100 categories of Indian products ready for Russian buyers, expect trade (and opportunities) to get a serious boost.