Financial Daily from THE HINDU group of publications
Saturday, Dec 07, 2002
Financial Daily from THE HINDU group of publications Saturday, Dec 07, 2002 |
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Money & Banking
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Public Sector Banks Canara Bank extends credit line to Russia Our Bureau
BANGALORE, Dec 6 CANARA Bank has extended a $10-million line of credit to Bank for Foreign Economic Affairs of Russian Federation (Vnesheconom Bank) A memorandum of understanding to this effect was signed between the Canara Bank Chairman, Mr R.V. Shastri, and Mr V.A. Chernukhin, Chairman of Vnesheconom Bank, on December 4. The MoU was signed in the presence of the Prime Minister, Mr A.B. Vajpayee, and the Russian President, Mr Vladmir Putin, during his visit to the country. Under the MoU, Vsnesheconom Bank will be opening letters of credit in favour of Indian exporters up to 90 per cent of the f.o.b. or c&f contract price. Canara Bank will pay Indian exporters on a sight basis. This MoU is intended to facilitate Indian exports to Russia.
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