New Delhi: The War between Russia and Ukraine continues. Many Western countries have imposed economic sanctions on Russia. In such a situation, India has also stopped trade in Russia for the time being. In fact, India's largest lender in Russia is a joint venture between State Bank of India (SBI) and mid-sized public sector bank Canara Bank. Active in Russia, it is the only banking organization of Indian Origin. By the way, there is no subsidiary, branch or representative of Indian banks in the attack. But there are only two banks in India in Russia. The joint venture of SBI and Canara Bank is called 'Commercial Indo Bank LLC'. In this bank, SBI has a share of 60 per cent while Canara bank has a share of 40 per cent.
The Reserve Bank of India (RBI) is monitoring the situation that has arisen in the midst of this war. According to data provided by the RBI, no Indian bank has any subsidiary in Russia. There are dozens of subsidiary companies of Indian banks in other countries, but these companies are in the UK, Canada, the US and countries like Kenya, Tanzania and Bhutan. This means that commercial Indo Bank LLC is the only venture in Russia as there is no India subsidiary right now.
According to the data as of October 31, 2021, Indian banks have a total of 124 branches in other countries, with the UAE having the highest number of 17 branches of Indian banks, 13 in Singapore, nine in Hong Kong and 8 each in the US, Mauritius and Fiji islands. That means the Indian bank has no branch in Russia. Not only this, let us tell you that Indian banks do not even have any representative offices in Russia, while India has 38 representative offices in countries like UAE, UK and Hong Kong. Meanwhile, India's largest lender has made it clear that it will not carry out any transactions with Russian entities under international sanctions.
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