VTB will launch cross-border transfers to India – Kommersant
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By the end of September, VTB Bank will launch cross-border money transfers in Indian rupees, the press service of the credit institution reported. The financial institution emphasized that Russian retail clients of the bank will be able to send money to India using bank details to individuals and legal entities.
“Our clients need to strengthen “financial bridges” with friendly countries, so we are consistently expanding their list for transactions with “soft” currencies. Currently available destinations include China, Vietnam, Iran, and almost all CIS members. Now our clients will have the opportunity to make transfers to India, including legal entities,” said VTB board member Svyatoslav Ostrovsky.
The credit institution believes that cross-border money transfers in rupees may be in demand among clients “taking into account the intensification of business interaction between the two countries and India’s high potential for Russian tourists.”
VTB in December 2022 launched direct payments in rupees for small and medium-sized businesses. In June 2023, Otkritie Bank launched for business direct payments in Indian rupees. In the same month, outgoing transfers in rupees became available to Tinkoff Bank clients. In August, VTB began opening accounts in Indian rupees for retail clients. Also in August Sberbank launched transfers in rupees by account number to Indian banks.
About the popularity of this currency – in the material “Kommersant” “Walking the Rupee across Three Seas”.
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