Russian bank VTB will open a $1 billion credit line to India's Essar Group.
VTB Bank is the first Russian bank to open its branch in India. It is Russia's second largest bank.
The Reserve Bank of India (RBI) has given its approval to two Russian banks for opening special vostro account for rupee trade. Sberbank, JSC VTB - the largest and second largest bank of Russia - are the first foreign lenders to receive this approval after the central bank announced the norms on INR trade in July. Both lenders have branch presence in India. Earlier this month, state-run UCO Bank received the RBI's approval to open a special Vostro account with Gazprombank of Russia. While the Kolkata-based lender is in the process of opening the account, the bank has received requests from various foreign lenders for opening such an account.
The Reserve Bank of India (RBI) has allowed the opening of nine special vostro accounts with two Indian lenders - Uco and IndusInd Bank - to facilitate overseas trade in rupee, Commerce Secretary Sunil Barthwal said on Tuesday. Apart from the domestic lenders, Russia's two largest banks - Sberbank and VTB Bank - are the first foreign lenders to have received approval from the central bank for settling international trade transactions in rupee. "Nine accounts have been opened. One each in Uco Bank, Sberbank, and VTB and six with IndusInd Bank. There are six different Russian banks who have opened special vostro account in IndusInd," Barthwal said.
Putin said the 'policy' pursued by Modi is the main 'guarantor' of relations between the two countries.
Goenka, who is the elder son of Essel group promoter and Zee chairman Subhash Chandra, has been MD of the media firm since January 1, 2010.
Russia launched an all-out invasion of Ukraine by land, sea and air on Thursday.
The central government and the Reserve Bank of India have devised a country-specific plan towards implementation of overseas trade in rupee, people aware of the matter said. To start with, a small number of banks will be allowed to manage cross-border transactions in domestic currency with a particular country. "Small countries that are dollar-deficient have shown interest in doing trade in rupee.
Apart from being the most successful cases under the IBC, Bhushan Steel and Essar Steel are among the best steel assets in the country. They also ended up helping their lenders get back a significant chunk of the money while allowing Tata Steel to consolidate its position and giving the world's two largest steel makers - ArcelorMittal and Nippon Steel - a strong foothold in India. A significant contrast was the pace at which these two cases were resolved under the bankruptcy code. In the annals of the Insolvency and Bankruptcy Code (IBC), Essar Steel may go down in history as the most noticeable resolution with the world's largest steelmaker, ArcelorMittal, and the incumbent, Ruia family, locked in an intense battle spanning more than two years and ultimately resulting in full recovery of the principal amount for the financial creditors.
What is more surprising is that a surge in Russian oil supplies has come after the G7 imposed stringent sanctions on Moscow.
'Russia was hit with sanctions yesterday, but these are not enough to get these foreign troops off our soil. Only through solidarity and determination can this be achieved'
There is no direct impact of the Russia-Ukraine crisis on India in terms of bilateral trade but a surge in oil prices poses considerable risk to the economy, an analyst report said on Friday. International oil prices which have surged past $100 per barrel "pose risks to external stability and currency movement," a Bank of Baroda Economics Research report said. Russia has launched military operations against Ukraine, stoking fears of significant disruption in the region, including loss of life. The West is ramping up financial sanctions against Russia and support for Ukraine.
Once Bhushan Steel is into its fold, Tata Steel will increase its capacity from 12.7 million tonnes per annum (mtpa) to 18.3 mtpa
India's Tintu Luka made it to the women's 800m semi-finals but shot putter Om Prakash Karhana was eliminated in the qualifying round of the World Athletics Championships.
Rising Indian middle distance runner Tintu Luka shattered the 15-year-old women's 800m national record as she clocked 1:59.17 to finish a creditable fifth in the VTB Bank Continental Cup in Split, Croatia.
Earlier, Russia's number 2 state-owned VTB bank had opened a branch in India.
Russian firms expand their footprint in India. And take bigger steps to do business with India's private sector.
Her protege Tintu Luka has already broken the two-minute barrier in 800m and legendary P T Usha feels the best is yet to come for the 21-year-old who can be a bet for an Olympic medal that eluded the former track-queen in the 1984 Los Angeles Games.
Putin's visit comes at a time when Russia's economy is stalling as oil prices tumble
Rosneft bought a 49 per cent stake in Essar Oil's refinery port and petrol pumps, while Netherlands-based Trafigura Group Pte, one of the world's biggest commodity trading companies, and Russian investment fund United Capital Partners split another 49 per cent equity equally.
Among India's capital-starved local banks, Essar is viewed as too big to fail.
The Essar group hinted at challenging the verdict, citing last week's Supreme Court order that upheld the August 2018 amendment to the IBC law.
Seeking ArcelorMittal be declared ineligible to bid for Essar Steel, the petition cited Section 29A of the Insolvency and Bankruptcy Code which bars promoters of defaulting companies from bidding for stressed assets.
The agreement came in after the Ruias agreed to clear most of the Rs 26,000-crore dues to the lenders on completion of the transaction.
The exploration and production assets of Essar Oil will not be part of the Rosneft deal and would continue to remain with the Group.
Last June, the group had delisted Essar Energy from the London Stock Exchange as well.
Vaihayasi Pande Daniel glances at the life and political career of Alexey Navalny who has been banned from challenging Vladimir Putin in Russia's presidential election.
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances