India & Russia allow RuPay cards & UPI in Russia and Russia's MIR cards & FPS in India

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India & Russia allow RuPay cards & UPI in Russia and Russia's MIR cards & FPS in India:

Top banking and finance officials from the two countries are working out the details to use these instruments to settle cross-border payments effectively.

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NEW DELHI: In a landmark deal signed by External Affairs Minister S Jaishankar and Russian Deputy Prime Minister Denis Manturov last week, both sides agreed to adopt the Russian financial messaging system — Service Bureau of Financial Messaging System of the Bank of Russia (SPFS) — for cross-border payments.

Another key element of the agreement signed on April 18 during Manturov’s visit to India, is to allow acceptance of Indian RuPay cards and India’s Unified Payments Interface (UPI) in Russia, and the Russian MIR cards and its Fast Payments System (FPS) in India.

With this, the two countries will be able to resolve most of their pending payment issues. Top banking and finance officials from the two countries are working out the details to use these instruments to settle cross-border payments effectively. According to sources, India’s central bank — Reserve Bank of India — has set up a multi-disciplinary working group to implement it.

India and Russia have already agreed to settle payments through Special Rupee Vostro Accounts (SRVA). The April 18 pact clarified that Russia can use the surplus Indian rupees to conduct other businesses in India or remit back to Russia.

As for SPFS, it is a financial messaging system that works on the same lines as the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the international payment system used by thousands of financial institutions to transfer funds worldwide. After Russia invaded Ukraine, the EU and other Western countries removed top Russian banks from the SWIFT network. Russia had been asking India to use SPFS. It developed SPFS after it was threatened with expulsion from SWIFT when it annexed Crimea in 2014.

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Deal Cadet Deal Cadet
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Watch people prefer Russian cards over rupay because foreign better

The Alpha The Alpha
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Image shows  - chinese/Japanese not indian nd russian rolleyes.

Please correct grimacing

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kartikxxx wrote:

Image shows  - chinese/Japanese not indian nd russian rolleyes.

Please correct grimacing

North East India gaye ho kabhi ?
The Alpha The Alpha
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abhishek012 wrote:
North East India gaye ho kabhi ?

Unki shakal russians se toh nhi milti bhai rolleyes

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kartikxxx wrote:

Unki shakal russians se toh nhi milti bhai rolleyes

East Russians ko kabhi dekhe ho ?
The Alpha The Alpha
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abhishek012 wrote:
East Russians ko kabhi dekhe ho ?
Maybe u are right, they look somewhat similar scream
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kartikxxx wrote:
Maybe u are right, they look somewhat similar scream

Yo, There are white Indians too, next time don't judge by their faces.

Watch this youtube videos and his story, how Indians and foreigners misunderstand him -

I like one of his stories where all the Anglo-Indians (UK citizens) were getting their passports verified at the UK airport. They don't know English properly.

The lady was on counter so frustrated. After they leave. The lady was feeling so relax.

And then she saw him and he gave her his Indian passport.

The lady saw his Indian passport and came out of his mouth "What the **** and she is in shocked". 😨

She became a statue pointing the finger to the Anglo-Indians.

Then he explained to her, I know the people who just went, they look like Indians but they belong to your country and i look like you guys but i am not, i am Indian

then that lady said, "Today I have seen everything in my life." 😬

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