Sberbank CEO Herman Gref announced plans to establish the largest Russian business hub in India, marking a significant expansion of the bank's presence in the country. Speaking at a select media briefing in New Delhi, Gref revealed that two office buildings are under construction and will be commissioned in 2028. The bank will create not only its own headquarters but also a business centre for major Russian and Indian companies developing bilateral business cooperation in central Delhi. According to The Economic Times, Gref emphasized that "Today, the bank serves tens of thousands of corporate clients in the Indian direction and acts as a key partner both for Russian companies seeking to enter the Indian market and for Indian companies doing business with Russia."
India and Russia are actively working on a digital currency settlement mechanism for bilateral trade as their central banks examine how state-issued currencies could be used for cross-border payments. According to Reuters, Sberbank CEO Herman Gref confirmed that the Bank of Russia and the Reserve Bank of India are working directly on the proposed digital currency system. Gref emphasized that "Now it's only beginning, but we see huge opportunity for digital currency for all settlements between the countries" during his visit to New Delhi on Friday. The discussions come as BRICS members discuss connecting national payment systems and using digital currencies for trade settlements, with the Kremlin stating that digital currency settlements would be discussed with BRICS members during the New Delhi summit.
A major breakthrough has been achieved in cross-border transactions between India and Russia, with money transfers now taking only minutes compared to previous longer processing times. As reported by The Economic Times, Gref noted that "One of the key recent achievements has been resolving issues related to transactions between the two countries. Money transfers from India to Russia and back now take only a few minutes, and commissions for financial services between the countries are approaching the global average." This improvement opens up new opportunities for business development and enhances the bank's ability to serve its corporate clients more effectively. The bank has been using surplus rupees to support liquidity, including investments in Indian government securities.
Gref stated that the bank aims to boost Indian exports to narrow what it called a roughly $50 billion trade imbalance. As reported by Reuters, India and Russia are working towards achieving the target of USD 100 billion in bilateral trade and $50 billion in two-way investment by 2030. India and Russia recorded nearly $60 billion in bilateral trade in fiscal 2026, with Russian energy shipments accounting for much of India's imports. The bank has recently launched a product for its account holders to invest in Nifty 50 stocks and plans to seek partners for technology in high tech, education and healthcare sectors. Gref noted that "We need to bring more Indian exports and more opportunities to the Russian market" as the imbalance exceeds $50 billion.
Russia has moved further into nationwide deployment with its digital ruble entering a wider rollout on September 1, requiring systemically important banks to provide digital ruble services and large merchants to begin supporting payments. Major Russian telecom companies including MTS, Rostelecom and MegaFon prepared to accept the CBDC from the same date, with large retailers with annual revenue above 120 million rubles coming under the first stage of mandatory acceptance. India has been testing its e-rupee since 2022 and examining cross-border uses, with the value of the digital rupee in circulation climbing from ₹234.04 crore in fiscal 2024 to ₹1,016.46 crore in fiscal 2025. Gref noted that "Now it's not the problem in our trade" as Russian companies have found ways to use accumulated rupees, with some excess funds invested in Indian federal government securities.
