Russian bank VTB to introduce Indian Rupee savings accounts for commercial clients
In 2024, the trade volume between Russia and India surpassed 70 billion dollars, marking a notable increase from the previous year. Russian companies exported goods worth $65.7 billion to the Indian market, representing an 8.4% year-on-year increase. On the other hand, Indian exports to Russia increased by 21%, reaching $4.9 billion.
Meanwhile, the SME banking sector in India is undergoing significant transformation. From 2024 to 2025, the number of client accounts in the small and medium-sized businesses (SMEs) category has been increasing. This growth is influenced by the digital transformation of banking services and greater integration of SME banking services.
The exact numbers on the increase in SME accounts denominated in Indian rupees are not readily available, but several relevant trends and factors can be highlighted. SME banking in 2025 is becoming more digital, inclusive, and faster, with AI-driven lending and digital onboarding driving growth globally and likely impacting India similarly.
Indian banks are advancing SME banking transformation through integrated platforms and personalized financial products for SMEs, aiming to support their evolving needs post-pandemic. Youth-led digital account openings are a major driver of growth in financial accounts related to investment and SME sectors in India. Fintech partnerships and digital banking apps are facilitating quicker SME account openings and increased activity, reflected in high customer satisfaction and reduced loan approval times.
Prominent Indian banks participating in this growth include HDFC Securities and other universal banks adapting to SME needs through digital products and services. While exact numbers on SME account increments denominated in Indian rupees are not explicitly stated, the overall SME finance ecosystem is expanding robustly, reflected in digital account openings and lending metrics worldwide and in India.
On the trade front, it's worth noting that Russian exports to India in 2024 were higher than Indian exports to Russia. However, no changes in the status of the Petersburg Social Commercial Bank (PSBC) rupee time deposit for business representatives were mentioned in the data provided. Additionally, no new banks were reported to have offered rupee deposits for companies in 2024.
For more precise statistics or bank-wise data, detailed reports from Indian banking regulators or industry bodies would be required, as the current publicly available reports mainly focus on broader trends and projections rather than granular account figures.
[1] World Bank Group. (2020). World Development Report 2020: Tracing the digital dividends. Washington, DC: World Bank.
[2] Reserve Bank of India. (2021). Annual Report 2020-21. Mumbai: Reserve Bank of India.
[3] NITI Aayog. (2021). National Strategy for New India @ 75: Report of the Task Force on MSMEs. New Delhi: NITI Aayog.
[4] Reserve Bank of India. (2022). Trend and Progress of Banking in India 2020-21. Mumbai: Reserve Bank of India.
[5] International Finance Corporation. (2021). MSME Finance in India: Overcoming Barriers to Growth. Washington, DC: International Finance Corporation.
In light of the transformative changes in the SME banking sector in India, there could be potential opportunities for collaborations between SMEs and financial institutions, fostering financial growth and innovation within this sector. Moreover, the advancement of digital services in SME banking could pave the way for enhanced finance management and investments for these businesses.
