New Delhi, 4th December 2025: In a landmark event underscoring two decades of commitment to India, VTB Bank (PJSC), one of Russia’s largest state-owned financial institutions, inaugurated its new office in New Delhi. The inauguration coincided with the Russian State Visit to India, marking a significant milestone in Indo-Russian economic cooperation. The opening ceremony took place at Hindustan Times House, 18-20 Kasturba Gandhi Marg, Connaught Place, and witnessed the presence of eminent dignitaries from both nations.
The event was graced by Mr. Andrey Kostin, President and Chairman of the Management Board of VTB Bank (PJSC), Ms. Olga Basha, Member of the Board – VTB Bank Russia, and senior Russian officials. From the Indian side, Dr. Rashmi Saluja, Chairperson of the Global Trade & Technology Council India (GTTCI), and Dr. Gaurav Gupta, Founder President of GTTCI, actively participated in insightful discussions that reflected a deep mutual appreciation of strategic financial cooperation.
Celebrating 20 Years of VTB in India
VTB Bank marked 20 years of its presence in India, a journey that began with the opening of a representative office in 2005. In 2008, VTB established its first full-fledged branch in New Delhi, setting a precedent as the first Russian bank to do so. Over the years, VTB has become a key player in Indo-Russian financial integration, offering comprehensive banking services while facilitating bilateral trade in rubles and rupees.
The inauguration of the new office represents not only an expansion of VTB’s physical footprint but also its deepening engagement with Indian financial systems, regulatory bodies, and market participants. The new facility is equipped to support a broader spectrum of banking and trade operations, including a closed settlement channel connecting Indian and Russian payment systems.
GTTCI–VTB Partnership: A Historic MoU
The inauguration closely followed the historic signing of a Memorandum of Understanding (MoU) between GTTCI and VTB Bank on 24th October 2025, aimed at enhancing financial, trade, and investment cooperation between India and Russia. The MoU, signed by Dr. Rashmi Saluja and Ms. Elena Komarova, CEO of VTB India, in the esteemed presence of Dr. Gaurav Gupta, is a testament to the shared commitment of both organizations toward institutional collaboration and economic diplomacy.
Under this partnership, VTB Bank and GTTCI will focus on strengthening Business-to-Government (B2G) engagement, facilitating rupee–ruble trade transactions through dedicated settlement platforms, and integrating VTB more deeply into the Indian financial ecosystem. The collaboration also emphasizes engagement with NBFCs, cooperative banks, and MSME-focused institutions, thereby broadening the scope of financial inclusivity and innovation.
Strategic Discussions on Indo-Russian Economic Cooperation
During the inauguration, Dr. Rashmi Saluja held a dedicated meeting with Mr. Andrey Kostin, President and Chairman of the Management Board of VTB Bank (PJSC), to discuss strengthening Indo-Russian trade and investment. A separate session was held with senior Russian officials and Ms. Olga Basha, Member of the Board – VTB Bank Russia, where Dr. Saluja’s insights and strategic vision for a structured framework to advance bilateral economic cooperation were highly lauded by all participants. Her expertise and forward-looking approach received significant appreciation, highlighting GTTCI’s pivotal role in bridging institutional and governmental linkages between the two nations.
Dr. Gaurav Gupta, Founder President of GTTCI, also engaged in substantive discussions with Mr. Kostin and Ms. Basha, focusing on facilitating smoother trade mechanisms, exploring investment-led opportunities, and supporting the development of sustainable financial networks between India and Russia. Both sides acknowledged the transformative potential of the recently signed MoU in shaping the future of Indo-Russian financial collaboration.
A Milestone in Economic Diplomacy
The combination of the new office inauguration and the GTTCI–VTB MoU represents a forward-looking vision for Indo-Russian relations. With the establishment of the New Delhi branch, VTB Bank is now better positioned to participate in India’s key sectors, including infrastructure, technology, healthcare, agriculture, and logistics. This strategic presence enhances bilateral trade facilitation and supports policy dialogues, industrial consultations, and government-led development initiatives.
The event symbolizes the commitment of both nations to deepen economic cooperation, innovation, and financial integration. The GTTCI–VTB partnership sets the stage for a new era of collaboration, reflecting shared ambitions for stronger economic bridges, sustained trade growth, and enhanced investment opportunities between India and Russia.
