Archive · 3 Sep 2025
Sberbank Eyes Rupee-Rouble Trade to Bolster India-Russia Ties
Sberbank, Russia's biggest bank, is helping India and Russia trade with each other using their own money (rupees and roubles) instead of dollars.
They're making payments faster, so money moves more quickly between businesses.
They are also creating a payment system for tourists to use, and allowing Indians in Russia to easily send money home.
The bank is using a local branch in India to help make this happen, speeding up payments and making it easier for businesses to find each other.
Sberbank is also investing in technology to make things even smoother, expecting trade to grow in several sectors.
Sberbank is developing a cashless payment system for Indian and Russian tourists, planned for launch in 2025.
The bank is utilizing rupee-based mechanisms, like Special Vostro Accounts, to facilitate trade and investments.
60% of payments from Russia to India now take less than 10 minutes.
Sberbank has an IT hub in Bengaluru to develop digital products.
The bank anticipates growth in sectors like mechanical engineering and IT.
- Who
- Sberbank, a Russian bank.
- What
- Is expanding rupee-rouble trade and financial services between India and Russia.
- When
- Initiatives are ongoing, with a planned tourist payment system launch in 2025.
- Where
- Focusing on financial activities between India and Russia.
- Why
- To facilitate trade and investment, and bypass third-country currencies.
- Bank
- Sberbank
- Countries
- India and Russia
- Payment System Launch (Tourists)
- 2025 travel season
- Staff in India
- 500
- Monthly Transfers (Indians in Russia)
- Exceeds 1 billion roubles
- IT Hub Location
- Bengaluru
- Sberbank in India
- Since 2010
- Payment Speed
- 60% of payments from Russia to India take less than 10 minutes