rupee recycling. The strategy mirrors Japan’s infra financing model but extends it to strategic sectors, creating a win-win situation for both Russia and India
| Photo Credit:
ANTON VAGANOV
Russia’s largest bank, Sberbank on Friday said that it sees major opportunities for India-Russia bilateral trade settlements through central bank digital currencies (CBDCs). The bank also plans to open 10 branches in India.
Addressing a media briefing here, Sberbank CEO Herman Gref said that trade settlement in CBDCs is much more efficient. Further he informed that the bank has been using surplus rupees to support liquidity, including investments in Indian government securities. Talking about bilateral trade settlement in rupee terms, Gref said, “Our system is now working more efficiently than before. Last year, we had a problem of surplus rupee, but there is no such issue this year,” he said.
Currently, the bank is operating in India on a branch model with offices in New Delhi and Mumbai. Now, to expand its presence in India, Sber has acquired two office buildings, which are already under construction and will be commissioned in 2028. In central New Delhi, the bank will create not only its own headquarters but also a business center for major Russian and Indian companies developing business cooperation between Russia and India. The total area of the complex will be 48,000 square meters. The project has become the largest Russian investment in India’s commercial real estate market. It will provide high-class offices for companies operating in the region.
The bank has sought 10 branch licences from the RBI to be opened across 10 cities. “We are awaiting approval from the local regulator,” Gref said. Asked if the bank is planning to convert into a wholly owned subsidiary, he said: “There is no immediate plan.”
On promoting investment, Gref said recently the bank has launched a product for its account holders to invest in Nifty 50 stocks. Besides, he said it will also seek the right partners to bring new technology in high tech, education and healthcare. Sberbank is also interested in partnership and participation in large-scale infrastructure projects in India.
Two platforms
Sberbank announced the launch of two specialised platforms for business in both countries. One of them is a recruitment platform that brings together Russian and Indian recruiting agencies and government services. Its goal is to attract Indian specialists to the Russian market, which is experiencing an acute shortage of personnel. In addition, the project will promote cultural exchange and strengthen business ties. The second is an IT platform for finding partners, developed jointly with major Indian companies. It will provide Indian businesses with all the necessary information about opportunities in the Russian market, regulatory frameworks, and potential partners.
According to the bank, the main task is to create a digital ecosystem for companies in both countries and balance the trade deficit. Currently, the imbalance is about $50 billion in Russia’s favor. Sber intends to increase the share of Indian exports in the Russian market. It is expected that by the end of the current year, the bank will service more than 15 per cent of all trade turnover between the countries. .Gref also emphasised that the bank is interested in partnership with India in three key areas: financial services, technology, and education and healthcare
Published on September 11, 2026
