In the course of Russian President Dmitry Medvedev’s formal visit to the Republic of India, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the State Bank of India entered into an Agreement on Cooperation.
On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of the State Bank of India – Chief General Manager - Rajiv Pal Singh.
The Agreement provides for promoting partner relations between the two banks in servicing Russian-Indian trade, economic, investment and technical cooperation and would help to create favorable conditions for enhancing trade and economic ties between Russia and India.
Under the Agreement signed the parties intend to cooperate in financial and banking servicing of bilateral trade contracts and investment projects aimed at boosting export-oriented economic sectors of the two countries.
At present, Vnesheconombank performs functions of a payments center responsible for servicing investment cooperation and trade turnover between Russia and India. The center is financed through using funds being received to repay India’s government debt.
Vnesheconombank’s correspondent network incorporates 34 leading financial institutions including such large Indian banks and foreign banks branches as the Reserve Bank of India (the country’s central bank), the State bank of India, the Export-Import Bank of India, ICICI Bank Ltd, Deutsche Bank (Mumbai), HSBC Bank (Mumbai) and others. Vnesheconombank entered into a Frame Credit Agreement with the Export-Import Bank of India as well as Agreements on Cooperation with the Canara Bank and ICICI Bank Ltd.
The State Bank of India is the largest state joint stock bank of India of universal type. It engages actively in servicing trade and economic cooperation between Russia and India.
Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
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On the Prolongation of the Program of Vnesheconombank’s Investments in Affordable Housing Construction Projects and Mortgage Lending
A decision to prolong the Program of Vnesheconombank’s Investments in Affordable Housing Construction Projects and Mortgage Lending till December 31, 2013 was taken at Vnesheconombank’s Supervisory Board meeting on December 7, 2010.