Russia–India payment infrastructure fully ready for settlements in national currencies: Sberbank India CEO

The infrastructure required for settlements in national currencies between Russia and India is fully in place and ready for active use. Ivan Nosov, CEO of Sberbank India, said this on the sidelines of the INNOPROM. India international industrial exhibition in New Delhi.

According to Nosov, the key challenges that had constrained financial cooperation between the two countries just two to three years ago, including in banking, insurance and logistics, have now been successfully overcome.

He noted that the payment infrastructure that has been established enables unprecedented transaction speeds: more than 90% of payments from Russia to India are processed in less than 10 minutes, while 30% of transfers take just one minute.


“I am absolutely confident that this is the most stable and reliable way to transfer funds between our countries,” Nosov stressed, highlighting the mechanism’s resilience to external market fluctuations.

Speaking about the prospects for trade cooperation, the Sberbank India CEO pointed to the significant export potential of Indian goods. He said that more than 100 categories of Indian products have already been identified as being successfully supplied to international markets and capable of competing effectively in the Russian market. At the same time, the Russian economy continues to demonstrate strong demand for these products.