Sberbank began opening deposits in Indian rupees for corporate clients
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Sberbank (MOEX: SBER) provided an opportunity for corporate clients to open deposits in rupees. The maximum rate on irrevocable deposits in Indian currency is 5.11% per annum. It is available when placing funds for one year in the equivalent of $60 million.
Deputy Chairman of the Board of Sberbank Anatoly Popov, commenting on the implementation of the tool, noted that many of the bank’s corporate clients are interested in alternative currencies of friendly countries. “The Indian rupee is in great demand in this sense, because it is one of the oldest and most stable currencies. India is the world’s fifth largest economy and is growing faster than other major economies. We expect demand for placing deposits in rupees, which will allow our clients to receive additional income,” Mr. Popov is quoted as saying in press release Sberbank.
From June 14, 2023, Sberbank clients will be able to open accounts in Indian rupees. On October 17, 2023, the Securities and Exchange Board of India (SEBI) issued a foreign portfolio investor license to Sberbank. Sberbank has two branches in India (in Mumbai and New Delhi). The bank is also setting up an IT unit in Bangalore.
Read more about how Russian credit institutions are entering the Indian market in the Kommersant article. “Banks are expanding into India”.
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