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Russia-India Trade in National Currencies Quadruples Thanks to Sberbank's Infrastructure

21:47, 5 June 2024

Swapna Nair

Sberbank's branch in India has experienced consistent growth in transactions for both corporate clients and individuals, tripling its turnover within four months compared to the corresponding period last year, according to the deputy chairman.

Sputnik

The volume of domestic currency trade payments between Russia and India in the first quarter increased four times compared to the previous year – largely thanks to Russian Sberbank's infrastructure, said Anatoly Popov, deputy chairman of the financial institution, at the St Petersberg International Economic Forum (SPIEF) on Wednesday.

"Most Russian companies prefer to work through Sberbank when trading with India, which is reflected in the performance of the bank’s branch in India. In the first four months of 2024, the number of corporate client accounts opened with it increased by two-thirds, and compared to the same period last year – more than doubled," he stated.

Popov noted that transactions conducted by Sberbank's Indian branch for both legal entities and individuals have shown steady growth.

Moreover, transfers accessible to individuals via the mobile app for Indian accounts have seen significant demand.

"In the first quarter of 2024, about 60% of all payments for imports from India to Russia went through Sber, and our share in bilateral trade continues to grow. The average payment bill for legal entities... increased by 14% over the year,” he emphasised.

The deputy chairman also expressed Sberbank's confidence in the promising future of Russian-Indian business relations, stating that the it is actively increasing its footprint in India.

He mentioned that over the past year, the number of employees at Sberbank branches has quadrupled, with Popov indicating that this is "not the limit".

Meanwhile, the 27th edition of the SPIEF commenced on Wednesday, with delegates hailing from 139 countries and regions, is scheduled to continue until June 8th.

Since its establishment in 1997, SPIEF has developed into a globally-recognized platform where the business community convenes to address significant economic challenges confronting both Russia and the world.

Anton Kobyakov, executive secretary of the SPIEF Organizing Committee, highlighted the growing interest in the forum, indicative of many nations' dedication to nurturing cooperative ties with Russia amid global economic adversities. SPIEF 2023 served as testament to this inclination, demonstrating resilience and readiness among nations to cultivate alliances despite economic uncertainties.

SPIEF 2024 reaffirms Russia's dedication to promoting international dialogue and cooperation, offering a forum for substantive discussions and alliances amid the changing landscape of global challenges.

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