The topic of Russian-Indian cooperation traditionally forms an important part of the agenda at the St. Petersburg International Economic Forum (SPIEF). 2026 will be no exception. Among the major participants in cross-country cooperation is Sberbank, which marked 15 years of operations in India last year. The company continues to systematically expand its presence in one of the world’s most dynamic markets. Alexander Vedyakhin, First Deputy Chairman of the Executive Board at Sber, spoke about the plans and new products for the market.
Sber recently announced the launch of factoring for Indian small and medium-sized businesses. Can you tell us more about this product?
Starting April 1, 2026, Indian micro, small and medium-sized enterprises (MSMEs) have gained access to Sber’s factoring services. The service is fully compliant with Indian legislation and is designed for companies working with deferred payments of up to 180 days.
The key advantage is quick online processing with electronic document management. Financing is provided against the assignment of accounts receivable, without collateral and with a minimal package of documents. Indian entrepreneurs gain access to working capital without lengthy approvals, allowing them to promptly purchase raw materials, expand production and take on new orders. For suppliers, this ensures a stable cash flow; for buyers, it guarantees reliable supplies.
According to forecasts, by 2030 India will be among the world’s top three largest economies, and such flexible financial instruments are critically necessary.
What other products are available to corporate clients in the Indian market?
Our corporate clients in India can place available funds in rupee deposit accounts online through our digital platform, without visiting an office in person. Deposit terms start from 7 days, and the interest rates are among the highest on the market. Yields reach up to 7% per annum.
If funds are already in a current account, a deposit can be opened on the same day. When using internet banking, the transaction is instantaneous. Additionally, such a deposit can serve as collateral for loans and letters of credit: the money continues to generate income while the client receives financing to expand operations.
What solutions are already available to individuals?
For tourists, we have a convenient partner service – an electronic wallet that allows you to travel around India without cash. It can be topped up via SberBank Online. This tourist season, the number of wallet users and transaction volumes have doubled, and we expect a multiple increase next season.
We are also seeing a growing number of students paying for their education at Russian universities online from India. Over the past year, their numbers and transfer volumes have increased approximately 1.5 times, while the number of universities participating in the program has grown by a third.
How do you assess the potential for cooperation between our countries in the field of artificial intelligence?
India is a strategically important and one of the most promising foreign markets for Sber. We are building technological bridges between Russia and India within the BRICS+ framework, developing concrete solutions to simplify trade and opening up new opportunities for businesses. We see India as a promising partner in the field of high technologies.
India has a state program, IndiaAI, with a budget of $1.2 billion to create supercomputing capacities, as well as a network of AI expertise centers. According to experts, 60% of Indian companies already use AI solutions, and the contribution of artificial intelligence to the country’s economy may exceed $1 trillion by 2030.
Our experience and expertise in the field of AI are in demand and set us apart from other organizations. In particular, major commercial banks in India are interested in our experience implementing advanced AI-based risk models. Today, we are actively shaping a new technological reality in India. In our IT hub in Bangalore, over 250 engineers, together with their Russian colleagues, are creating internationally competitive products that facilitate business development between our countries.
Sber is deeply embedded in India’s AI ecosystem, and we see several opportunities where our solutions and expertise could strengthen the business of local companies. We are working with them to develop joint business models and optimal partnership formats. We are confident that by acting together in the development of applied GenAI-based solutions and actively exchanging experience and competencies, we can make significant progress in building sovereign solutions. Such solutions must be adapted to the needs of the citizens and businesses of our countries while simultaneously ensuring reliability and security, especially when used in critical processes.
How does Sber help Russian businesses work with Indian partners and vice versa?
Sber supports transactions at all stages – from supplier search to currency control. We offer opening rupee accounts with free servicing, fee-free transfers for legal entities, advancing up to 90% of a transaction on the day it is concluded, letter of credit discounting, and currency forwards to lock in exchange rates. This is a comprehensive infrastructure that makes Russian-Indian trade fast, transparent, and reliable.
Furthermore, since last year, Sber launched the Business Development project to find business partners based on client requests in both countries.
Of course, for the development of bilateral trade, it is important to develop interaction at the level of entrepreneurs in both large, small and medium-sized businesses. To this end, Sber and the Higher School of Economics (HSE) have organized an educational program for the business community. Course participants learn about the specifics of culture and communication in the two countries.
We have also released a guide for Indian entrepreneurs interested in localizing their business in Russia and launched the Russia Executive Business Program. It is intended for heads of Indian companies interested in working with Russia. The goal is to train business leaders who can take Russian-Indian partnership to a new level.
Disclaimer:
This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.