Sberbank to Invest $100 Mn in India Expansion, says Herman Gref

Sberbank’s latest commitment signals a stronger Russia–India financial alignment as bilateral trade and cross-border capital flows continue to expand. Russia’s largest lender announced plans to gradually widen its India presence, backed by an investment of about USD 100 million over the next three years, citing the scale and momentum of the Indian banking and fintech market.

The move comes amid deepening strategic and economic cooperation highlighted during Russian President Vladimir Putin’s official visit for the 23rd India-Russia Annual Summit in New Delhi. The bank is now looking beyond enterprise clients to capture India’s fast-growing retail opportunity.

“We have a full banking licence here… we will expand our business in a step-by-step manner over the next three years. We will ramp up B2B business and enter into the B2C segment,” Herman Gref, CEO and Chairman of the Executive Board, Sberbank, told reporters. Sberbank has requested the Reserve Bank of India to allow 10 new branch licences across major cities.

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Currently operating two branches and an IT unit in Bengaluru, the bank plans another in-house data processing centre in Hyderabad while integrating an upgraded IT system from Moscow tailored to Indian regulatory conditions. It also intends to collaborate with domestic partners in high-tech, education and healthcare to strengthen digital banking capabilities.

Gref noted rising interest from Russian customers in the Indian equity market, stating that the bank recently launched a product linked to Nifty 50 stocks and will also offer access to government securities and gold-related financing. He highlighted that rupee-ruble trade has grown nearly 14-fold and praised India’s economic trajectory.

“It is the right moment to invest in India as its economy is growing at a much faster rate compared to China, and at the same time, it is sustainable,” he added.