Russia's largest lender Sberbank on Friday said it is planning to expand its footprint by opening 10 new branches across India to boost bilateral trade.
Currently, the bank is operating in India on a branch model with offices in New Delhi and Mumbai.
The bank, which established its operations in 2010, has sought 10 branch licences from the RBI to be opened across 10 cities.
1 September 2026
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"We are awaiting approval from the local regulator," Sberbank CEO and Chairman of the Executive Board Herman Gref said here.
Asked if the bank is planning to convert into a wholly owned subsidiary, he said: "There is no immediate plan." Besides, he said, the bank has acquired two Summit Towers business centres in New Delhi, which should be ready by 2028.
The acquisition of these properties in the Indian capital will create a new foundation for long-term partnership, he said, adding that Sber is consistently expanding its presence in the country, and this investment is part of that strategy.
Talking about bilateral trade settlement in rupee terms, Gref said, "Our system is now working more efficiently than before. Last year, we had a problem of surplus rupee, but there is no such issue this year".
The bank has also invested in G-sec bonds as part of managing currency risk, he said.
On central bank-backed digital currencies for cross-border payments, he said it could emerge as a huge opportunity.
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On promoting investment, Gref said recently the bank has launched a product for its account holders to invest in Nifty 50 stocks.
Besides, he said it will also seek the right partners to bring new technology in high tech, education and healthcare.
Sberbank is also interested in partnership and participation in large-scale infrastructure projects in India.
India and Russia are working towards achieving the target of $100 billion in bilateral trade and $50 billion in two-way investment by 2030.
At present, bilateral trade stands at $60 billion.
