Overview
- Russia’s largest lender launched the First–India mutual fund with JSC First Asset Management, giving Russian retail investors Nifty50-linked exposure announced at an NSE event.
- The National Stock Exchange backed the initiative and said it will work with Sberbank on market connectivity, investor protection and liquidity for the products.
- CEO Herman Gref said Sberbank will invest roughly $100 million over three years, has requested up to 10 RBI branch licences, and plans new data centres and a large New Delhi office.
- The bank plans to place rupee surpluses into Indian government securities and enable Russian clients to invest in treasury bills and G-secs.
- Gref said Sberbank has obtained a licence to export gold to India, and the announcements came during President Vladimir Putin’s state visit as bilateral trade reached about $68.7 billion in FY25.