Opening of the correspondent account in Indian Rupees (INR)
In March 2016 Petersburg Social Commercial Bank, JSC (PSCB) established direct correspondent relations with the branch of Sberbank of Russia OJSC in India and opened a correspondent account in Indian Rupees (INR).
Opening of the correspondent account would allow to:
- effect the payments in the national Indian currency promptly
- simplify and shorten a procedure of opening of letters of credit
As a whole, it would pave the way for the customers of the bank to increase the purchase of goods from India by 15-20 million Indian Rupees (INR) per year.
A presence of such payment "bridges" would contribute to the expansion and activation of the client settlements in terms of the development of cooperation between Russia and India.
At present, a new momentum has been given to the development of cooperation between two countries:
- A special banking subgroup has been created within the intergovernmental commission that has been working through the clearing and settlement arrangement in national currencies between two countries
- The Central Bank of Russia and the Reserve Bank of India have established the Russian-Indian subcommittee on banking and financial issues, that noted that there were no serious regulatory restrictions for the settlements in rubles and rupees under the commercial contracts and offered some typical models of settlements.
Vladimir Pribytkin, Chairman of the Board of Directors, notes: “This cooperation would offer an opportunity for the Russian companies from the Bank’s target industries, such as pharmaceutics and foodstuff trade, to conclude international export-import contracts with non-resident partners from India and carry out settlements with them in Indian rupees directly, thus it would expand the range of services offered by the bank. Also the Bank is seeking to develop the most promising areas of work with the Asian partners”.
Petersburg Social Commercial Bank, JSC (PSCB) is a universal commercial bank headquartered in St. Petersburg. It is operating in the banking services market since 1993. The number of banking license is №2551. The Bank is a participant in the system of deposit insurance.
On February 17, 2016 the international rating agency Moody’s Investors Service Inc. confirmed the global and national ratings of the Bank to be B2/NP. The outlook for all ratings is stable.
Petersburg Social Commercial Bank, JSC (PSCB) is performing the complete range of banking transactions in Russian rubles and foreign currencies for SMEs and private clients located in St. Petersburg and Moscow.
Nikolay A. Alekseev
Deputy Chairman of Management Board
Founder International Business Development & E-Commerce