Russia-India payment infrastructure ready for national currency settlements, says Sberbank India CEO

The payment infrastructure required to facilitate settlements in national currencies between Russia and India is fully operational and ready for active use, Sberbank India CEO Ivan Nosov said on September 9. He also highlighted the sharp reduction in transaction times, with more than 90% of payments from Russia to India now processed in under 10 minutes.

Speaking on the sidelines of the INNOPROM, Nosov said several challenges that had constrained financial cooperation between the two countries two to three years ago have now been overcome.

These challenges extended beyond banking to areas including insurance and logistics, according to the Sberbank India CEO. The payment infrastructure established between the two countries has enabled significantly faster transactions, with 30% of transfers taking just one minute, he said.

Nosov described the national-currency settlement mechanism as a stable and reliable way to transfer funds between Russia and India.

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

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More than 100 Indian product categories identified

The development of payment infrastructure comes as both countries look to expand trade cooperation and facilitate greater movement of goods between their markets.

Nosov pointed to the significant export potential of Indian products, saying more than 100 categories of Indian goods have already been identified as being successfully supplied to international markets and as having the potential to compete effectively in Russia.

At the same time, the Russian economy continues to show strong demand for these products, he said.

The availability of faster national-currency settlement infrastructure could support businesses engaged in bilateral trade by providing a mechanism for payments between the two markets. The statement, however, does not provide details on the currencies, banks or specific settlement mechanisms being used.

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INNOPROM India ahead of BRICS Summit

The announcement comes during INNOPROM. India, which is being held in New Delhi from September 9 to 11. The industrial exhibition is positioned as a key business platform ahead of the upcoming BRICS Summit.

Sberbank, Russia’s largest bank, said it holds almost one-third of aggregate Russian banking sector assets and remains a key lender to the Russian economy. The bank is majority-owned by the Government of the Russian Federation through the Ministry of Finance, which holds 50% plus one voting share.