24th October 2025, New Delhi
Signed on 24th October at VTB’s India Office, the partnership strengthens B2G engagement, rupee–ruble trade facilitation, and VTB’s deeper integration into the Indian market.
The GTTCI Trade Chamber and VTB Bank, one of Russia’s largest state-owned financial institutions, have entered into a historic partnership aimed at advancing financial, trade, and investment cooperation between India and Russia. The Memorandum of Understanding was formally signed on 24th October 2025 at VTB’s India Office, ahead of its official inauguration during the upcoming visit of President Vladimir Putin to India.
The MoU was signed by Dr. Rashmi Saluja, Chairperson of GTTCI, and Ms. Elena Komarova, CEO of VTB India, in the esteemed presence of Dr. Gaurav Gupta, Founder President of GTTCI. The signing marks a significant moment in the evolving relationship between the two nations, as it sets the stage for deeper economic collaboration across multiple sectors.
Under this partnership, VTB Bank and GTTCI will work closely to strengthen institutional and financial linkages, enhance bilateral trade mechanisms, and create new pathways for investment-led cooperation. The MoU positions VTB to expand its presence in India through a structured engagement framework that connects the bank with central and state governments, regulatory bodies, public institutions, and private enterprises.
A key component of the cooperation is the development of rupee–ruble trade facilitation, including a dedicated settlement platform designed to support smoother, more transparent bilateral trade transactions. Additionally, the partnership envisions coordinated efforts to assist VTB in navigating India’s diverse financial ecosystem, particularly through collaborations with NBFCs, cooperative banks, and MSME-focused institutions.
The agreement also reinforces the growing importance of Business-to-Government (B2G) engagement. Through GTTCI’s strong institutional network, VTB will gain enhanced access to policy dialogues, industrial consultations, and state-driven development initiatives, enabling the bank to participate in upcoming infrastructure, technology, healthcare, agriculture, and logistics projects across the country.
The signing of this MoU comes at a pivotal moment in Indo–Russian relations. As both countries explore innovative financial and trade pathways, the GTTCI–VTB partnership symbolizes a forward-looking approach to economic diplomacy—one that blends cooperation, innovation, and strategic vision. With this milestone, GTTCI and VTB Bank have laid the foundation for a new era of collaboration, reflecting a shared commitment to strengthening the economic bridge between India and Russia.