NEW DELHI, Sept. 3 -- Sberbank, Russia's largest lender, is piloting a cashless payment system for Indian and Russian tourists, with a planned launch for the 2025 travel season. Alexander Vedyakhin, the bank's first deputy chairman, in an emailed interview, noted that it's a key initiative amid shifting global trade dynamics.

Vedyakhin also highlighted Sberbank's role as a major financier of Indian exports to Russia. With a 500-strong staff, its India arm is leveraging rupee-based mechanisms, such as Special Vostro Accounts, to settle trade and channel investments without relying on third-country currencies.

Mint previously reported that India and Russia were exploring linkages between India's UPI and the Bank of Russia, as well as inte...