Page 24 - Banking Finance May 2023

PRESS RELEASE

ICICI Bank offers a strong network of Rupee Vostro Accounts,

expedites settlement of international trade transactions in INR

ICICI Bank announced that it offers Rupee Vostro Account Speaking about the initiative, Mr. Sumit Sanghai, Head –
to enable Indian exporters and importers to pay and settle Large Clients Group, ICICI Bank said, “In line with the
export-import transactions in Indian Rupees (INR). The Government of India and Reserve Bank of India’s move to
proposition reduces the foreign currency risk borne by boost foreign trade in rupees, ICICI Bank is offering Rupee
Indian exporters and importers as they can use INR for Vostro Account to Indian exporters and importers to settle
invoicing, payment, and settlement of their transactions. their international trade transactions in INR. ICICI Bank has
a strong footprint of over 100 Rupee Vostro Accounts of
This initiative is in line with India’s Foreign Trade Policy 2023
banks located across 29 countries. As these countries cover
and RBI’s framework for invoicing, payment, and
most of India’s export/import corridors, Indian exporters
settlement of exports/imports in INR, in addition to US
and importers can easily settle their trade transactions in
Dollar, Euro and other currencies.
INR, and help to promote the growth of Indian global trade
The Authorised Dealer (AD) banks in India can open Rupee and increase international trade in Indian Rupees. Export-
Vostro Accounts of correspondent bank/s of a partner import is one of the biggest contributors to India’s economic
trading country to facilitate trade transactions in INR. ICICI growth. We believe our initiative will reduce the foreign
Bank has a wide array of over 100 Rupee Vostro Accounts currency exchange risk borne by our exporters and
of correspondent banks across 29 countries including USA, importers and will expedite international trade
Canada, UAE, Saudi Arabia, UK, Germany, and Malaysia. settlements.”

Mr. Tarun Sharma takes charge as India Exim Bank’s Deputy
Managing Director

Mr. Tarun Sharma took charge as the Deputy Managing Director (DMD) of India Exim Bank on April 18, 2023. Prior to
this, he was the Chief Financial Officer of the Bank and also led the Bank’s technology initiatives. He has over two decades
of global experience in trade, competitiveness, industry and infrastructure development and policy, and recently
conceptualised and developed a new trade facilitation initiative, viz., Trade Assistance Programme (TAP), which provides
credit enhancement to trade instruments to enhance the capacity of commercial banks to support cross-border trade
transactions. Mr. Sharma is the Chair of the BRICS Financial Services Working Group, India Chapter since March 2022,
and has earlier led the Task Force on SME cooperation.
Prior to being the CFO, Mr. Sharma was heading the Bank's New Delhi Office, with responsibilities covering structuring
finance for enhancing capability of Indian companies; recovery and debt resolution; supporting socio-economic
development projects in partner countries; handling government affairs and contributing to policy formulation. During
this time, he was also responsible for launching a new initiative ‘Ubharte Sitaare Programme’ to identify enterprises
that have latent potential by way of technology, product or process, and support through a mix of debt, equity and
technical assistance. Mr. Sharma also established and managed a programme to support strategic projects globally under
a concessional financing scheme of the Government.
Mr. Sharma has worked in various functional groups across the Bank, and has also served as the Bank’s Resident
Representative (Americas) based in Washington DC, followed by a stint as a consultant with the World Bank’s Capacity
Development and Partnerships Unit.
Mr. Sharma has authored a book ‘Project Exports: Connecting Continents with Indian Expertise’, exploring the instrumental
role that project exports are capable of playing in India’s quest for a sustainable rapid economic growth. Mr. Sharma has
a bachelor’s degree in engineering from Pune, followed by a postgraduate programme in management studies from
Mumbai. He has also completed advanced executive management programmes from Cornell University in the U.S. and
the Indian Institute of Management, Bangalore.

BANKING FINANCE | MAY | 2023 | 23