The first savings Bank is in rupees

“Daughter” of Sberbank in India has announced the program for the sale of certificates of Deposit for 1 billion rupees ($15 million), according to the India Ratings & Research, the local unit of Fitch ratings, reports Bloomberg.

As explained by the Agency, the representative of Sberbank Anastasia Varlamova, the Bank plans to attract financing in Indian national currency to support local business credit and avoid significant exposure to foreign currency.

“We will definitely invest in securities issued by branches of foreign banks if the Issuer has a parent support, strong loan portfolio and stable gearing ratio”, — said the chief specialist in investment Management Sundaram Devendra Srivastava.

The Indian branch of the savings Bank focuses on transactional business and has no plans to expand lending, unless they are high-demand, added Varlamov.

Sberbank has a presence in India since 2010. The branch has the status of authorised dealer and clearing Bank in Indian rupees the 1st category, has access to the local interbank trading platforms; member of Association of Indian banks and Indian clearing Corporation. In June, India Ratings and Research has assigned the branch a rating of “IND A1+” (the highest level) on certificates of Deposit.