Dec 04: On December 4, Russia’s second biggest VTB bank has opened a new flagship office in New Delhi. It’s VTB’s second business location in the Indian capital. The branch is fully integrated with the national payment systems of both Russia and India and ensures seamless uninterrupted payments for corporate and individual clients in both countries. Over the past year the volume of export operations through VTB India has increased 2.5 times.
The opening takes place on the anniversary of VTB’s presence in India: a representative office in New Delhi was opened in 2005 and three year later the bank received a full banking license. VTB was the first Russian bank to enter the Indian market.
The opening was attended by VTB President and Chairman Andrey Kostin; Minister of Finance of the Russian Federation Anton Siluanov; Minister of Economic Development of the Russian Federation Maxim Reshetnikov and senior officials from India.
Andrey Kostin said: “Over the 20 years of VTB’s presence in India, our branch has become a key element of the financial infrastructure for Russian-Indian trade. VTB’s expanding presence in India is further evidence of the growing economic ties between our countries and plans for future joint projects. VTB’s international network combines our infrastructure capabilities, delivering comprehensive solutions and a tailored approach for businesses working in the Global South markets,”
“The volume of trade, investment and bilateral interactions between our countries are growing. The share of settlements in national currencies between Russia and India has exceeded 96%. VTB’s expanded presence will help to facilitate the settlements and increase their volume,” commented Anton Siluanov.
Maxim Reshetnikov said: “The leaders of our countries have set an ambitious goal: to increase trade turnover to $100 billion by 2030. This means we need to further expand trade and address the challenges of diversifying and balancing it. I am confident that VTB’s expanded team will actively participate in this process and will continue to remove barriers to business development. This will help our economies become more resilient and the lives of our citizens will become more prosperous,”
VTB’s India branch provides direct correspondent account services in both rupees and rubles, alongside special VOSTRO accounts, significantly streamlining cross-border trade settlements for companies. VTB India was a pioneer in the shift to settlements in national currencies.
The bank is also expanding its investment services offering. Last year, it opened its first special account under a Foreign Portfolio Investor (FPI) license, granting Russian investors direct access to one of the world’s fastest-growing financial markets.
Beyond corporate banking, VTB is growing its retail segment. In 2024, the bank launched ‘me2me’ transfers from Russia to India, a service which is already showing rapid growth.
To support this expanding client base, VTB plans to nearly double its headcount in India by 2026.
The new office address is: 1st Floor Hindustan Times House, 18-20, Kasturba Gandhi Marg, New Delhi, India.