Russia offers India a system for rupee-ruble payments, India considering it: Report

Russia has proposed to India to use a system developed by Russian central bank for bilateral payments and India is considering it, Bloomberg reported on Wednesday. Russia's plan involves rupee-ruble-denominated payments using Russia's messaging system SPFS, the report added. Rubles will reportedly be deposited into an Indian bank and converted into rupees, and the same system will work in reverse.