Sberbank Given Permission To Open Client Rupee Accounts In New Delhi
Russia’s Sberbank has received permission from the Reserve Bank of India for Russian clients in India to open Rupee accounts, Anatoly Popov, deputy chairman of Sberbank’s executive board has stated.
“The presence of these accounts is designed to increase the convenience of servicing Russian customers, including banks that plan to conduct transactions in this currency. This is another important step in building a reliable and convenient system of settlements between the countries by Sberbank, the main provider of ruble-rupee settlements,” Popov said.
Sberbank and VTB each have one branch in India, in New Delhi.
The agreement means that Russian businesses operating or wishing to operate in India can have access to Indian rupees to allow them to operate under normal local conditions.
Russian businesses looking to establish businesses in India may contact Rohit Kapur, of Dezan Shira & Associates in India. The firm specializes in assisting foreign investors into Asia and has four offices in India, including Delhi. Please email: india@dezshira.com for assistance. The practice has 17 years of experience in advising MNCs in India and is familiar with the Russia issues and in providing solutions.
Our complimentary guide to Doing Business In India 2022 may be found here. https://www.asiabriefing.com/store/book/introduction-doing-business-india-2022.html
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During these uncertain times, we must stress that our firm does not approve of the Ukraine conflict. We do not entertain business with sanctioned Russian companies or individuals. However, we are well aware of the new emerging supply chains, can advise on strategic analysis and new logistics corridors, and may assist in non-sanctioned areas. We can help, for example, Russian companies develop operations throughout Asia, including banking advisory services, and trade compliance issues, and have done since 1992.
We also provide financial and sanctions compliance services to foreign companies wishing to access Russia. Additionally, we offer market research and advisory services to foreign exporters interested in accessing Russia as the economy looks to replace Western-sourced products. For assistance, please email russia@dezshira.com or visit www.dezshira.com
