Russia–India Payment Infrastructure Ready for Settlements in National Currencies: Sberbank India CEO
New Delhi, Sep 10: The infrastructure required for settlements in national currencies between Russia and India is fully in place and ready for active use, according to Ivan Nosov, CEO of Sberbank India,
Stating this on the sidelines of the INNOPROM, India international industrial exhibition in New Delhi, Nosov said 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 said 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.
INNOPROM is taking place in New Delhi from September 9 to 11 and serves as a key business platform ahead of the upcoming BRICS Summit.
About PJSC Sberbank
PJSC Sberbank is Russia’s largest bank and a leading global financial institution. Holding almost one-third of aggregate Russian banking sector assets, Sberbank is the key lender to the national economy and one of the biggest deposit takers in Russia.
The Government of the Russian Federation represented by the Ministry of Finance of the Russian Federation is the principal shareholder of PJSC Sberbank owning 50% plus one voting share of the bank’s authorized capital, with the remaining 50% minus one voting share held by domestic and international investors. (BVI)
