Russian Sovereign Fund RDIF And BRICS Pay India Partner On Payments
· Business · rt, Times of India
The Russian Direct Investment Fund (RDIF) and BRICS Pay India have entered into an agreement to develop a new payments project. The collaboration aims to build infrastructure for financial transactions between the participating nations. The project is being pursued within the framework of the BRICS economic bloc. Specific technical details regarding the payment system's implementation or its timeline remain undisclosed.
Why it matters
This partnership seeks to create alternative financial settlement mechanisms for BRICS nations, potentially reducing reliance on traditional global payment systems. It could influence how Indian businesses conduct cross-border trade with Russia and other member countries.
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