Financial institutions of Russia and India: interbank cooperation in the global economic space

This paper deals with the problem of interaction of banking institutions of Russia and India in the context of processes of financial and economic globalization. The article lights key parameters of modern banking systems of two countries, the major factors and specifics of the Russian-Indian interaction in the bank sphere in 2000-2015. The research is based on methods of the system analysis, logical, comparative, scientific forecasting, etc. The author characterizes the Russian-Indian intergovernmental agreements, arrangements of the leading financial institutions, decisions of the international business forums aimed at the development of interaction in the sphere of banking. The author notes that problems of development of interbank communications are an attention subject for the top management of Russia and India as a part of the policy of strategic partnership with two countries and a course towards the formation of mechanisms of economic cooperation and integration within BRICS. High rates of development of the economy and a banking system of India stimulate the interest of the leading Russian banks in the creation of the Indian branches and financing of joint projects. Presence in Russia of the Indian financial structures (ICICI Bank Eurasia, etc.) promotes the expansion of business contacts and exchange of experience in the area of bank technologies, development of mutual investments into power, the defensive industry, innovative productions. Interbank interaction of Russia and India reflects in such large-scale international financial projects as the BRICS Bank of Development and the Asian Bank of Infrastructural Investments (ABII) which with the participation of the Russian and Indian capitals have acquired the status of influential players of the global financial market and promote the further growth of economic influence of participants of BRICS and SCO. The author comes to a conclusion that interbank interaction of Russia and India is an important component of modern global financial architecture, exerts a positive impact on dynamics of interregional and global financial and economic processes of the beginning of the 21st century.