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India joins Russia's SPFS banking payments system -

• by Ethan Huff

We have received word that India, the second most populous country in the world, has signed a deal with Russia to adopt its SPFS system for making banking payments to the country.

The Narendra Modi government reportedly agreed to adopt the Russian financial messaging system, known as the Service Bureau of the Financing Messaging System of the Bank of Russia, in order to make payments to the country for trade purposes.

The landmark agreement was signed by Indian external affairs minister S. Jaishankar and visiting Russian deputy prime minister Denis Manturov on April 18 in New Delhi, according to a report from The New Indian Express.

"The deal also allows acceptance of Indian Ru-Pay cards and India's Unified Payments Interface (UPI) in Russia, and the Russian MIR cards and its Fast Payments System (FPS) in India," reported Great Game India, via The Wire.