Sberbank receives permission from India's regulator to open special accounts in rupees

MOSCOW. Oct 24 (Interfax) - Sberbank opened vostro accounts in rupees at its branch in India, and received permission from the local regulator, Anatoly Popov, deputy chairman of Sberbank's executive board, told reporters.

"We confirm the opening of vostro accounts in rupees at the bank's branch in India. The corresponding permission was received from the Reserve Bank of India," Popov said.

"The presence of these accounts is designed to increase the convenience of servicing Russian customers, including banks that plan to conduct transactions in this currency. This is another important step in building a reliable and convenient system of settlements between the countries by Sberbank, the main provider of ruble-rupee settlements," Popov said.

India's Business Today publication, citing sources, previously reported that Sberbank and VTB received permission from the Reserve Bank of India to open special vostro accounts for foreign trade operations in rupees.

Sberbank and VTB each have one branch in India, in New Delhi.