India is afraid of America..? Rupee trade plan is stopped..?

Sowmiya Sriram
India is afraid of America..? Rupee trade plan is stopped..?

The value of the rupee continues to fall while the US dollar dominates the international market. To correct this, both countries have decided to denominate all trade with india and russia in indian rupees and structures have been created and everything is ready up to the banking level. India-Russia trade has seen tremendous growth since the ukraine war, and to take it to the next level, both countries have decided to trade in rupee-ruble currency.
For this, India's big banks have opened bank accounts in russia and Russia's big banks in India. While everything is ready, indian banks have not implemented this plan for fear that Western countries including the united states will impose a ban if they trade with russia in rubles and rupee instead of dollars and euros.
Indian banks are currently unable to give any response despite the Russian banks' request to pay the settlement amount owed by india to 8 big banks in rupees. These 8 banks include the bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>state bank of india, punjab National bank, bank of india, bank of Baroda, and Central bank of India. It has also been reported that indian banks have decided not to use this rupee-ruble trading system for now.
Top officials of India's largest public sector banks and financial institutions said that the united states and european countries may ban us if we trade with russia in rupees.
As a result, indian banks engaged in foreign trade have decided to continue trading under the dollar or euro currency.Thus, currently, only Yes bank and Yugo bank have an agreement with Russia's PSCB and Gazprombank to trade in rupees. Due to this, it is not known when they will trade through Rupee-Ruble currencies.
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