India and Russia are working towards a legal framework for increasing financial sector co-operation, mainly in the banking sector, visiting Russian prime minister Vladimir Putin said.
"Indian and Russian banks are working out a legal document, a legal foundation to enhance cooperation," he said, adding that both the governments will help banks to operate in each other countries.
Currently, the State Bank of India along with Canara Bank and ICICI Bank has set up Commercial Bank of India in Russia while Russia's VTB Bank has opened a branch in Mumbai.
The Russian prime minister, who is on a two-day official visit, said the two countries should increase cooperation in high technology areas as "it will have positive impact on trade and economic relations between our two countries."
India and Russia have targeted a significant increase in bilateral trade from the current level of around $5.42 billion to $20 billion in five years.
Putin, who is heading a high-level delegation, including ministers, officials and businessmen, is expected to sign deals worth $10 billion in India.