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Sber reports 67% increase in number of corporate accounts in its India branch

In the Q1 of 2024, about 60% of all payments for imports from India to Russia were made through Sber

ST. PETERSBURG, June 5. /TASS/. The number of opened accounts for corporate clients in Sberbank India branch in the first four months of 2024 increased by 67%, Deputy Chairman of the Board of Sberbank Anatoly Popov said at the St. Petersburg International Economic Forum.

"Most Russian companies prefer to work through Sberbank when trading with India, which is reflected in the performance of the bank’s local branch. In the first four months of 2024, the number of corporate client accounts opened with it increased by two-thirds, +67%. Compared to the same period last year - more than doubled, +120%," Popov said.

According to him, the number of transactions carried out by Sberbank in India for legal entities and individuals is also growing steadily. In January - April 2024, their number increased 3-fold year-on-year. "Today, individuals can also transfer money to an account in India directly from the Sberbank Online mobile app. This service is in great demand - the number of payments by individuals from Russia to India has increased by 40% since the beginning of the year," Popov noted.

In the Q1 of 2024, about 60% of all payments for imports from India to Russia were made through Sber.

The St. Petersburg International Economic Forum (SPIEF) is held on June 5-8. This year’s theme will be "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World." Scheduled events include meetings for small and medium-sized businesses, creative industries, the SPIEF Youth Day, as well as the Drug Security, SPIEF Academy and SPIEF Junior forums. SPIEF is organized by the Roscongress Foundation. TASS is the information partner of the event.

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