Sberbank branch in India has opened the first private non-resident rupee account (SNRR) for a client of a Russian company, the press service of the credit institution reported. Such an account is necessary to work on Indian stock exchanges and commodity exchanges, where investments are made in the country and profits are returned to the country.
Sberbank announced that the account was opened in the name of the company, after obtaining a license from a foreign portfolio investor. Such companies may trade for the benefit of their clients, including stocks and bonds of Indian companies, fund shares, government and non-state securities, and gain access to currency trading futures, options and interest rate swaps.
According to Sberbank Deputy Chairman Anatoly Popov, only authorized financial institutions, including the Sber branch in India, have the right to open special accounts.
“As a member of both Russian and Indian payment systems, the bank allows seamless transfer of rubles to India with direct conversion to rupees, which is very convenient and beneficial for our customers,” said Popov.
He also expressed confidence that Sber will provide Russian investors with direct access to the fast-growing Indian market, thanks to the company’s new services and the growth of trade between Russia and India.
Sber, which opened its first office in India in New Delhi in 2010, stated that it plans to open an office in Mumbai in 2023, adding that they see India as one of the most attractive markets for Russian investors.
According to experts, in the next few years, the Indian economy will be the fastest growing among the world’s largest economies. Sber’s clients will get an opportunity for investment income and diversification of their investment portfolios.