UCO, Yes Bank tie up with Russian banks for payments

UCO, Yes Bank tie-up with Russian banks for payments: Two Russian banks have partnered with Yes Bank and UCO Bank. Through this agreement, both of these organizations will bring India and Russia closer as potential trading partners.

Two banks tie up with Russian banks: Key  Points

• UCO Bank has a partnership with Gazprom Bank, while Yes Bank has a partnership with Russia’s Petersburg Social Commercial Bank (PSCB).
• The arrangement is claimed to have been put in place after the RBI developed a mechanism involving the opening of a special Vostro account via which payments are to be directed.
• Without a formal agreement, companies were frequently sending payments in euros and other currencies through the Gulf, which had an effect on some of India’s exports.
• Indian exporters see a market opportunity in Russia, particularly when it comes to industries like medicines, food items, textiles, and telecom equipment. This is because the shipping of goods from Europe and the US has been hampered by sanctions.
• Exports to Russia fell by around 30% from April to July, reaching $714 million.

UCO Bank

• UCO Bank, formerly United Commercial Bank, is an Indian nationalized bank. It is owned by the Ministry of Finance, Government of India.
• The motto of UCO Bank is “Honours your Trust”
• Headquarters: Kolkata
• CEO: Shri Soma Sankara Prasad
• Founded: 6 January 1943
• Founder: Ghanshyam Das Birla

Yes Bank

• YES BANK has been recognized by prestigious media houses and Global Advisory Firms as one of the Top and Fastest Growing Banks in various Indian Banking League Tables.
• It has received several national and international honors for our various Businesses including Corporate Investment Banking, Treasury, Transaction Banking, and Sustainability at YES BANK.
• Headquarters:  Mumbai, India
• Founded: 2004
• Founder:  Rana Kapoor and Ashok Kapoor