Sber’s branch in India opens first rupee account for Russian investor
MOSCOW, June 27. /TASS/. /TASS/. Sber’s branch in India has opened the first special non-resident rupee account for a Russian company, the press service of the credit organization said in a statement on Tuesday.
"Sber’s branch in India opened the first special non-resident rupee (SNRR) account for a Russian company. SNRR accounts are required to operate on India’s stock and commodity markets, make investments in the country, and repatriate obtained profits," the statement reads.
Companies that open these accounts are licensed as foreign portfolio investors, Sber said. "They can trade, including on behalf of their clients, shares and bonds of Indian entities, investment fund units, public and private securities, and get access to exchange-traded futures, options, and interest rate swaps," according to the statement.
"Only duly authorized financial institutions, including our branch, have the right to open special accounts. As a participant in the Russian and Indian payment systems, the bank provides seamless ruble transfer options with direct conversion to rupees, which is very convenient and effective for our clients. We have no doubt that our new services and the growing goods turnover between Russia and India will provide Sber clients - Russian investors with a direct entry into the Indian market," deputy chairman of Sberbank’s executive board Anatoly Popov was quoted as saying. Sber considers India to be one of the most attractive markets for Russian investors, he noted.
Earlier reports said that Sber opened its first Indian office in New Delhi in 2010, whereas in 2023 the opening of an office in Mumbai is planned.