The Bank ' s customers are already receiving calculations in Chinese yuan, Kyrgyz, Kazakh tenge, Tajik somoni, Belarusian rubles, Uzbek bags and Armenian dramas.

Since the beginning of 2024, the SME Bank, a subsidiary organization of the SME Corporation, has begun to make calculations in Indian rupees.

Entrepreneurs have been made accessible through foreign exchange accounts and foreign trade contracts with Indian counterparts, importers and exporters, in rupees. In the currency account, payments from Russia to India can be made from legal persons resident or non-resident in Russia to legal leagues resident in India.

Payments in Indian currency are made only in Indian resident banks, which are not affiliates of foreign banks in India. It is important to note, however, that the additional foreign exchange control procedure is also carried out on the side of the recipient ' s bank, so a request for the necessary supporting documents may be made.

“We are actively expanding the list of currencies in which the calculations are available to entrepreneurs engaged in foreign economic activities. In view of the increase in the trade between Russia and India, the development of the rupees ' interrelationships is a promising and demanding area " , the Chairman of the Board of the Ivan Podberezniak Bank, noted.

It will be recalled that the SME Bank is involved in the implementation of the Mala and Middle Entrepreneurship Project and in support of the individual business initiative. He was initiated by President Vladimir Putin, the first Vice-President of the Government of the Russian Federation, Andrei Belousov.

Source: https://mspbank.ru/media/news/MSP-Bank-nachal-osushchestvlyat-raschety-v-indiyskikh-rupiyakh/
Source: freepik.com

***
Entrepreneurs ' support is provided through the Maloy and Middle Entrepreneurship Project