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11 Sep, 2023 12:30

Top Russian bank expanding in India

Sber is set to open an office in Mumbai 
Top Russian bank expanding in India

Top Russian lender Sber plans to expand its Indian operations by opening an office in Mumbai in early October, its deputy chairman Anatoly Popov told reporters on the sidelines of the Eastern Economic Forum (EEF) on Monday.  

Sber, which has had a branch in New Delhi since 2010, says it has received permission from authorities to open the Mumbai location this year. 

The financial services company also plans to establish an IT department in Bangalore.  

“The opening of the office is planned for early October. The unit will provide a full range of services for corporate clients,” Popov announced.

In June, Sber launched a service that allows its clients to transfer rubles to India using their Sber accounts. In August, a similar service for rupee transactions became available.

This comes as Russia and India take steps towards shifting away from the US dollar to rubles and rupees in mutual trade.

The Indian government has permitted the national currency to be used in international trade settlements in an effort to promote exports and reduce the rupee’s dependence on the dollar. The country’s central bank, the Reserve Bank of India, had earlier called on Indian lenders to introduce additional arrangements for import and export transactions in rupees.

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