Russia's VTB in final stage of approval to open Mumbai office

VLADIVOSTOK. Sept 4 (Interfax) - VTB is in the final stage of internal approvals to open an office in Mumbai, a member of the Russian state bank's management board, Olga Basha told Interfax on the sidelines of the Eastern Economic Forum.

"VTB came to India back in 2005 with a representative office. Since 2008 we've had a full-fledged banking license, an office in New Delhi. We're expanding our client base, growing fast, as the trade turnover between Russia and India is growing substantially," Basha said.

Asked whether this requires a separate permit from India's Central Bank, she said: "This is a sub-branch, so the package of documents is separate. We're in the final stage of internal approvals."

India remains a key trading partner for Russian companies. VTB's small and medium business clients increased transactions with India by almost 40% year-on-year in the first seven months of 2025.

VTB offers companies all the necessary instruments for trade with India on a turnkey basis through its New Delhi branch. The branch also offers customers' Indian partners the option to directly open accounts in rupees and safe settlements.