The reserve bank of India demands a statement from Sberbank of Russia for violating the banking regulations in India

Sberbank is a foreign bank which operates from New Delhi, India has its headquarters in Moscow, Russia. The objective of this bank is to regulate business for Indo- Russian bilateral trade. Their main objective of focus is remittance, corporate business and trade finance.

The reserve bank of India demands a statement from Sberbank of Russia for violating the banking regulations in India while creating a platform to facilitate trade related payments from Moscow.

It is been reported that Sberbank has paid a bonus to Mr. Ivan Nosov who is an Indian CEO for preference year 2021 and this is been done without the prior approval of RBI. The Russian bank has also allegedly done the same thing before in the year 2019 and 2020.

According to the domestic banking rules and regulations been put down it is compulsory to obtain the prior approval of Reserve bank of India for any bonus payment to the top executives.

In a letter dated June 21 was send by RBI informing the Sberbank to retrieve the amount paid to Ivon Nas Cov for the performance year 2021 as the payment stands nil.

RBI has also asked the Russian bank to provide them with statements regarding the said violation and the role of the Indian CEO within the period of 30 days from the receipt of the letter dated June 21.

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