Media: Russian banks filed about 20 applications to open accounts in India

India’s Yes Bank has received “three to four” applications from Russian banks, including from Mikhail Prokhorov’s “International Financial Club”, according to the Indian newspaper The Economic Times (ET). Other Indian lenders have received 20 similar applications, which they have submitted to the Association of Indian Banks for approval, sources said.

“A Russian bank may have been the first in several months to open a rupee account with an Indian lender after the Russian-Ukrainian military conflict. The rupee account is likely to be converted to a special account at a later stage after the Central Bank releases its clarifications.

It notes that the St. Petersburg Social Commercial Bank (PSCB), which has not fallen under Western sanctions, has also opened an account in India and has taken a “leading role in facilitating bilateral trade in the rupee and ruble.” “We are currently transacting through it as we make payments in rupees and rubles on behalf of our nearly 30 Russian clients who trade with India,” explained the chairman of the board of the PSCB.

Back in March, Indian media reportedthat the government of Prime Minister Narendra Modi has set up a working group to study the impact of anti-Russian sanctions on the Indian economy. At that time, the main task of the new group was to protect the interests of India from threats to its cooperation with Russia in the circumstances.

Andrey Sapozhnikov