Sber deputy chairman describes Indian rupee as ‘strong tool for savings’ in Russia
(MENAFN) A senior executive at Sber, Russia’s largest bank, has described the Indian rupee as a “strong tool for savings” in Russia and a key currency for transactions with India.
In an interview with RT on Tuesday, Aleksandr Vedyakhin, first deputy chairman of Sber’s board, explained that many of the bank’s individual and corporate clients are increasingly using the rupee. “Sber lets you make transactions in rupees — a service many of our Indian employees already use — and you can even open deposits or carry out other operations in the currency, just like you would with any other,” he said.
Vedyakhin explained that the bank is deliberately strengthening its ability to handle transactions in rupees, reflecting growing payments routed through Sber in the Russian-Indian trade. Currently, Sber processes about 70% of all Russian exports to India.
He also described Sber’s operations in India as “expanding rapidly.” The bank first entered the market in 2010 and now has offices in Delhi and Mumbai, alongside a developing IT center in Bengaluru with plans to recruit 300 IT workers. “India is a very friendly market for Russia. It’s a place we’re warmly welcomed, and we’re seeing strong growth in our business there.”
Vedyakhin added that previously there were issues about excess rupees, but this has been resolved. “There is now strong, stable demand for the rupee, transactions are flowing smoothly, and commission fees have fallen, directly benefiting our clients.”
Sber is also developing financial products to match this growing demand. It now offers hedging instruments and low-interest, rupee-denominated loans to Russian businesses.
Due to Western sanctions, Sber is cut off from the US dollar, the euro, and the SWIFT payments system. Nevertheless, India — which chose not to back sanctions against Moscow — has become a key buyer of Russian oil and a strong economic partner for Russia.
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