VTB looking to expand business in India, considering operations with retail clients

MOSCOW. Dec 4 (Interfax) - VTB is planning to expand business in India and begin operations with retail clients, VTB President and Board Chairman Andrei Kostin told Rossiya-1 TV.

The bank, which operates a branch in India, opened a new office in New Delhi on Thursday. VTB also plans to open an office in Mumbai.

"We are expanding our client base, literally doubling or even more every year, and it should increase 2.5-fold this year. Our product range for businesses is certainly expanding. The new office allows us to begin operations with retail clients as well. The population is large at 1.5 billion, so there is much with which to work. Relations [between Russia and India] are developing. We are currently actively working on payment options for citizens, because people travel to Goa and other places, and they are interested in how to remit payments. I think that we should show progress in the matter next year," Kostin said.

Kostin said that the bank sees potential in QR code payments.

"Our citizens travel rather often, and this is to friendly countries. They, of course, need to remit payments. [...] QR codes would be primarily used, yes. This is probably the most promising approach today," he said.

The website of VTB's Indian branch states that it currently offers clients cash management services, as well as solutions for financial management and forex transactions.