"Bad news travels fast. Good news takes the scenic route": BIG BREAKING - Russia's most dominant lender, SBERBANK launches RUPEE account; says individuals can now open accounts in Indian rupees throughout its vast network in Russia and abroad

In a move aimed at reducing dependency on the U.S. dollar and euro, Sberbank, Russia's leading lender, has announced that it will now allow individuals to open accounts denominated in Indian rupees. This expansion of foreign currency options aligns with the bank's support for the de-dollarization trend. With over 100 million retail clients, Sberbank aims to offer a diverse range of currencies to cater to evolving customer needs.
|
This development comes as other Russian banks, including VTB, also seek to embrace alternative currencies, with the Chinese yuan gaining prominence.
Sberbank's De-Dollarization Strategy: Sberbank, in its statement, emphasized its commitment to de-dollarization, recognizing the importance of reducing reliance on the U.S. dollar. By continually increasing the number of foreign currencies available to its clients, Sberbank aims to provide a broader range of options for individuals seeking alternatives to traditional reserve currencies. In addition to the Indian rupee, the bank already offers deposits in China's yuan and UAE dirhams.
Impact on Individual Accounts: As of Wednesday, Sberbank customers can now open accounts denominated in Indian rupees. This move allows individuals to diversify their holdings and mitigate currency risks associated with the dominant dollar and euro. By offering more currency options, Sberbank aims to meet the growing demand from its customer base and provide greater flexibility in managing its financial assets.
Rate Increase on Dirham Deposits: Sberbank has also announced a 100 basis point increase in rates for deposits denominated in UAE dirhams. This temporary rate adjustment, effective for a six-week period starting from Wednesday, aims to attract customers to dirham accounts and encourage diversification beyond traditional currencies.
|
Future Plans and Industry Trends: Sberbank's Chief Financial Officer has expressed the bank's intention to issue bonds in Chinese yuan, capitalizing on potential opportunities. The bank also plans to continue borrowing in Russian rubles to drive portfolio growth. Meanwhile, VTB, one of Sberbank's competitors, has projected a significant increase in yuan savings within Russia's overall foreign exchange portfolio. VTB expects the Chinese currency to play a prominent role in challenging the dominance of the dollar and euro, pushing other banks to compete actively for clients.
Sberbank's move to allow Indian rupee accounts reflects its commitment to the de-dollarization trend and its efforts to provide a broader range of foreign currency options to its extensive retail customer base. As Russian banks increasingly embrace alternative currencies, such as the Chinese yuan, the global financial landscape is witnessing a shift away from traditional reserve currencies. This diversification offers individuals and businesses greater flexibility in managing their finances and reducing exposure to currency fluctuations. With Sberbank taking the lead, the de-dollarization trend will likely continue shaping the banking sector in Russia and beyond.
Note: De-dollarization refers to the process of reducing reliance on the U.S. dollar in financial transactions and reserves, often driven by geopolitical considerations and the desire for greater financial independence.
Support Us
Satyagraha was born from the heart of our land, with an undying aim to unveil the true essence of Bharat. It seeks to illuminate the hidden tales of our valiant freedom fighters and the rich chronicles that haven't yet sung their complete melody in the mainstream.
While platforms like NDTV and 'The Wire' effortlessly garner funds under the banner of safeguarding democracy, we at Satyagraha walk a different path. Our strength and resonance come from you. In this journey to weave a stronger Bharat, every little contribution amplifies our voice. Let's come together, contribute as you can, and champion the true spirit of our nation.
![]() | ![]() | ![]() |
ICICI Bank of Satyaagrah | Razorpay Bank of Satyaagrah | PayPal Bank of Satyaagrah - For International Payments |
If all above doesn't work, then try the LINK below:
Please share the article on other platforms
DISCLAIMER: The author is solely responsible for the views expressed in this article. The author carries the responsibility for citing and/or licensing of images utilized within the text. The website also frequently uses non-commercial images for representational purposes only in line with the article. We are not responsible for the authenticity of such images. If some images have a copyright issue, we request the person/entity to contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. and we will take the necessary actions to resolve the issue.
Related Articles
- “Trust has an unlimited value, The father of all currencies”: Russia-India no longer need US Dollar, implemented the mechanism of mutual settlements of national currencies to conduct in rubles and rupees, BRICS International Forum President Purnima Anand
- “A real friend is one who walks in when the rest of the world walks out”: Russia ripped into US for heckling India and tells Europe to grow a spine, says criticism of India on imports of Russian crude oil while exempting themselves shows double standards
- “Arctic is the planet’s air conditioner and it’s starting to break down”: Great Game arena - Arctic covers over 1/6th of earth’s landmass, set to play an increasing role in shaping the course of world affairs and why India must keep its foothold in Arctic
- "We won’t be able to evacuate American citizens if Russia attacks Ukraine" says President Biden: US Govt authorizes departure of govt employees from Ukraine amid escalating tensions
- The tension between Russia and Ukraine has raised concerns world over of possible invasion by Russia on Ukrainian soil and the US has started supplying military aid to Russia’s neighbouring nation: Let's dig up some details
- "Isn't it the sweetest mockery to mock our enemies?": German Diplomat who mocked Trump when he said Germany would “become totally dependent on Russian energy" at UN in 2018 suddenly went silent as President's 'Russian Energy' warning comes true
- Western sanctions on Russia, with 19,535 measures imposed since 2022, aimed to cripple its economy but instead drove alliances with China, India, Iran, and North Korea, boosting trade, diversifying its economy, and weakening Western dominance
- Adding to the grim tally, Indian students Nivesh Mukka and Goutham Parsi killed in a fatal car crash in Arizona; both enrolled at Arizona State University, their untimely demise underscores the ongoing safety challenges faced by Indian students in the US
- "What can be asserted without evidence can be dismissed without evidence": After sitting on Hunter Biden’s laptop for years, feds finally believe they have the goods to arrest him. You know it’s bad when the commies at Washington Post are writing about it
- "The further a society drifts from the truth, the more it will hate those that speak it": In yet unprecedented problems created by woke culture, a transwoman shifted out of women’s prison in USA because ‘she’ impregnated two female prisoners
- “She certainly did not kill enough. I will try to fix that”: In a tragic Prague university attack, 24-year-old student kills 15, including his father, injures 20+, was inspired by past Russian-inspired shootings; an unforgettable chapter in Czech history
- "War is costly, peace is priceless": India's pivotal role in BRICS is shaping the narrative amid Ukraine crisis, championing dialogue and diplomacy, its influence in fostering global harmony is becoming increasingly evident on the international stage
- Supported the United States-led ‘war on terror’ in Afghanistan for ‘dollars’ and not in “public interest”: PM Imran Khan regrets
- Philadelphia Mass shooting in USA: 3 dead, 11 injured after multiple attackers open fire at crowded street using automatic weapons which are easily available in US stores, No arrests till now, police looking for surveillance footage
- "Secrets and Lies": Muhammad Yunus, linked to the Clintons through $13M USAID funds, $300K donation claims, IRS threats to Sheikh Hasina's son, and loans via Clinton Foundation, faces scrutiny over his daughter Monica’s alleged role in Biden’s PCAH