Sber sees a growing interest of Russian and Indian companies in mutual cooperation. Deputy Chairman of the Board of Sberbank Anatoly Popov told reporters about this. He also noted that demand for deposits in rupees is growing in Russia. In Sberbank, this settlement currency has already taken second place after the Russian ruble.
Anatoly Popov, Deputy Chairman of the Board of Sberbank. Photo: Sber press service
“We see the growing interest of Russian and Indian companies in mutual cooperation and act as a sherpa, helping entrepreneurs of the two countries find each other and enter into import-export contracts,” he emphasized. – In the first quarter of 2024, about 60% of all payments for imports from India to Russia went through Sberbank, and our share in bilateral trade continues to grow. The average receipt of payments to legal entities processed by our branch in India increased by 14% over the year. We believe in good prospects for Russian-Indian business relations and are expanding our presence in India. Over the year, the number of employees in our branch has quadrupled, and this is not the limit.”
Deputy Chairman of the Board of Sberbank Anatoly Popov also noted that the demand for deposits in rupees is steadily growing. According to him, in the first quarter of 2024, the volume of settlements in rupees/rubles between Russia and India through the Sberbank infrastructure increased fourfold compared to the same period in 2023.
“We can say that the surplus of rupees is over at the end of last year. This problem did exist, but for a fairly short period. As soon as Russian importers entered the Indian market and began to buy a large number of goods, the volumes balanced out,” Popov said.
To satisfy emerging market demands, Sber launched its rupee deposit program in April 2024. According to Popov, payments in “soft” national currencies in a couple of years have become an absolutely familiar and understandable mechanism for Russian banks, and the demand for financing business with India continues to grow.
“The rupee is very stable against the dollar, on the horizon the last ten years. If you look at this currency fundamentally, then, in a sense, it is equivalent to the placement dollar. Therefore, a company that plans to purchase for Russia, for example, imported equipment, raw materials or medicines, can place its funds for a week or month on a deposit in rupees, so as not to incur costs.”