BRICS Resolves Rupee Conversion Issues Through Russia-India National Currency System
Sberbank India has successfully eliminated the 'stuck rupees' problem that plagued Russia-India transactions during 2022-2023. The bank's implementation of automated processing systems and AI technology now enables near-instantaneous payments between the two nations using national currencies.
Ivan Nosov, CEO of Sberbank's Indian branch, confirms that rupee conversion now occurs without restrictions. This development marks a significant shift away from dollar dependency for BRICS nations, with ruble-rupee transactions becoming the new standard for bilateral trade.
The banking breakthrough comes as emerging economies increasingly seek alternatives to traditional financial systems. While no specific cryptocurrencies were mentioned in this development, the technological infrastructure supporting these currency solutions shares conceptual parallels with blockchain-based payment networks.
