India

Geopolitical Contingencies in Corporate Treasury

Report date: 
27 Oct 2026

Commentary

Usually, calls on geopolitical risk draw few participants and very non committal responses. Peers agree that change is possible, but it is not on the list of urgent concerns. 

This has changed. There seems to be a sense that the world will not be the same going forward: companies need to at least think about how to react. In a recent CompleXCountries poll on (152 responses from corporate treasury practitioners), 25% of treasurers said they were taking active steps to prepare for a multipolar world. In this call, we looked at some of these steps. Interestingly, nearly half the peers on the call work for companies headquartered in the US - with the current geopolitical environment, they may need to protect their international business. 

What are peers looking at?

  • It is very difficult to predict what is going to happen, so it is essential to be agile, to be able to respond very quickly, and have more than one option. For Russia, one peer with approved humanitarian exemptions to sanctions is on Plan E.
  • Reducing risk is an even higher priority than usual. Amongst other measures,

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Topics covered in this report: 
geopolitics, Hedging FX, Supply chain, rmb

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Banking in India: Relationships & Technology

Report date: 
16 Dec 2025

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The new CompleXCountries report on Banking in India: Relationships & Technology has now been published. The report is based on a detailed peer discussion between senior corporate treasury professionals from Europe and Asia in which they shared and compared their experiences with their relationship banking partners in India with a focus on how the Indian Government's digitisation initiatives are being experienced.

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The report can be purchased separately or is available via subscription - Enquire Here.

The report covers practical experiences with:

  • Digitalisation
  • Bank Relationships - pricing & performance
  • Global Banks
  • Indian Banks
  • Bank portals & services
  • Bank guarantees
  • FX
  • FX Hedging
  • Tax & Customs payments
  • Funding 
  • Cards / T&E

The banks discussed in the full report include: JP Morgan, DBS, Citi, HSBC, BNP Paribas, Standard Chartered, Barclays, ICICI, HDFC, Kotak Mahindra Bank and State Bank of India

Topics covered in this report: 
Bank Relationships, guarantees, FX, Hedging FX, Funding, GiftCity, T&E Management, Cards, Tax, Customs, Dividends, Royalties, Cash Repatriation
Service providers discussed in this report: 
ICICI, JP Morgan, Barclays, HSBC, Citi, DBS, BNP Paribas, Standard Chartered, HDFC, Kotak Mahindra Bank, State Bank of India, FBIL

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Corporate Treasury, Banking & FX in India

Report date: 
1 Apr 2025

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Topics covered in this report: 
FX, Hedging FX, Funding, GiftCity, Bank Relationships, Collections - domestic
Service providers discussed in this report: 
DBS, Citi, JP Morgan, BNP Paribas, HSBC, Deutsche Bank, ICICI, HDFC, State Bank of India, Kotak Mahindra Bank, SWIFT, 360T, Bloomberg

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India Corporate Treasury Update

Report date: 
20 Feb 2024

Commentary

Calls on India are always well attended: there is never a shortage of items to discuss. It is already a very large market, and it continues to grow – so all international companies are motivated to manage its many complexities. 

Complexity is something at which India excels: the regulations are many, varied, and never easy to navigate. It can be difficult to know exactly what they are: as often happens, we spent a lot of time trying to establish what is, and what is not, allowed. At the same time, the country has come a long way. Many things which used to be forbidden are now allowed: cash can be brought into and out of the country with relative ease, though not without red tape. The authorities are relatively flexible and business friendly. India is in the vanguard of efforts to move away from cash for retail transactions: this may be mostly for tax reasons, but it reflects the country’s leading position in technology.

At the same time, it remains a very large country, with significant regional variations, including language, climate, culture and religion – so differences will continue to exist. Our conversation covered the following points:

  • The economy continues to perform well, though competition is fierce – and, in some areas, India continues to favour national champions.
  • Operations: most peers had different legal entities in India involved in different activities: manufacturing, R&D, shared service centres, marketing, etc. Intercompany lending within the country, while permitted, can be complicated.
  • Onshore versus centralised treasury: many MNCs have local treasury teams, due to the regulations and complexity. This is beginning to change: several participants are starting to bring India into their centralised structures. 
  • Similarly, most peers are only using international banks in the country, and shutting down relationships with local banks. One participant attributed this in part to a regulatory requirement to link lending activity to transactional business – especially as the foreign banks can now provide complete services.
  • Another peer

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Topics covered in this report: 
Bank Relationships, FX, Hedging FX, Payments - cross border, Intercompany loans, Cash Pooling - domestic, Cash Repatriation, Payments - domestic, Funding
Service providers discussed in this report: 
Citi, HSBC, JP Morgan, Bank of America, Standard Chartered, BNP Paribas, Deutsche Bank

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