RBI Official: India Seeks Avenues for Russia to Utilize Excess Rupee Holdings

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India, Russia Explore New Avenues for Rupee Reserve Utilization: RBI Official

India, Russia Explore New Avenues for Rupee Reserve Utilization: RBI Official

C

CNBC TV18•19-03-2026, 15:31

India, Russia Explore New Avenues for Rupee Reserve Utilization: RBI Official

•India is exploring additional ways for Russia to utilize its accumulated rupee reserves, says RBI official N Senthil Kumar.
•The central bank is assessing how Russian entities can productively use their rupee funds in the Indian economy.
•Russia accumulated large rupee holdings from crude sales to India after becoming a major oil buyer post-Ukraine invasion.
•Despite existing avenues like local equities (with restrictions), Russia has struggled to effectively deploy these funds.
•Indian refiners are increasing Russian oil imports again after US approval, following a temporary decline.

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