Sberbank bets on rupee-rouble trade to power India-Russia ties

We have ensured that 60% of payments from Russia to India now take less than 10 minutes. Alexander Vedyakhin, first deputy chairman at Sberbank

- Rhik Kundu & Utpal Bhaskar

Sberbank, Russia's largest lender, is piloting a cashless payment system for Russian tourists visiting India, with a planned launch this year.

Alexander Vedyakhin, the bank's first deputy chairman, in an email interview, noted this was a key initiative amid shifting global trade dynamics. Sberbank has a key role as a major financier of Indian exports to Russia. With a 500-strong staff, its India arm is leveraging rupee-based mechanisms, such as special vostro accounts, to settle trade and channel investments without relying on third-country currencies.

Mint had earlier reported exploration of linkages between India's unified payments interface and Bank of Russia, as well as integrating RuPay with Russia's MIR cards.