Cooperation between India, Russia payment systems to boost tourism: Russian minister Sergey Cheryomin

By Sahil Pandey

New Delhi [India], March 29 : Sergey Cheryomin, Minister of the Moscow City Government and Head of the Department for External Economic and International Relations of Moscow, on Wednesday said cooperation prospects between the Russian payment system Mir and Indian payment system RuPay are bright and would also help boost tourism.

"We have very good prospects in cooperation between the Russian payment system Mir and the Indian payment system RuPay. We have to use both platforms for that, especially that can boost tourism between countries," Cheryomin told .

The minister also stressed that banks in both countries should promote more trade in Rupee and Ruble.

"Our banks should be more active in establishing a relationship with each other and we've to promote trades in rupees and rubles as it creates a more stable platform for our compes," he said.

The RBI had last year put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in Indian currency. This mechsm will help in internationalizing the Indian currency in the long run. A currency can be termed "international" if it is widely accepted worldwide as a medium of exchange.

Cheryomin also shared his views on India's presidency of G20.

"India has a very good perspective in assembling different opinions and in moderating the conversation between G-20 countries and especially in the field of cooperation between huge metropolis," he said.

"And we think that we have good perspectives for promoting the Moscow experience for G20 cities in smart cities, safe city solutions in education and healthcare in sustainable development."

Russian minister Cheryomin was speaking at the Russia-India Business forum programme here in the national capital.

The goal of this forum is to unite business leaders, entrepreneurs, government officials, and media representatives from Russia and India to explore opportunities for technological alliances in IT, cybersecurity, industry and manufacturing, smart cities, transport and logistics, and healthcare sectors.

This event will also serve as a platform for Russian compes to enter new markets in India and pave the way for Indian compes to do business with Russia.