Two Russian banks, Tinkoff and Centrocredit, have been granted foreign investor (FPI) licenses in India. Previously, only Sberbank received such a license.
The presence of the FPI will allow credit institutions to use the rupees accumulated in the country’s stock market. For both banks, the license will be valid until December 10, 2026, according to data from the Central Repository of India database, changes to which were noted by Kommersant.
Earlier in October, Sberbank was the first Russian bank to receive FPI in India. Local media then noted that such licenses in the country are granted only to state and related foreign investors.
Tinkoff received a second category license, Tsentrokredit received both the first and the second. The first category includes government agencies and central banks, sovereign wealth funds and international organizations. A license of the second category is normally issued to banks, investment managers, pension funds and management companies.
VTB is currently in the process of obtaining FPI in India. In total, ten Russian individuals and legal entities have such a license in India. These include, for example, Alfa Capital, Pervaya and Dokhod. Igor Noskov and Vsevolod Rozanov also have licenses.
Author:
Natalia Gormaleva
Source: RB
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