«Gazprombank» and «Alfa-Bank» have submitted applications for licenses to open branches in India, reports Reuters citing informed sources.
Both banks have requested a license from the Reserve Bank of India to open branches in the country and are expected to make an announcement during the two-day visit of Russian President Vladimir Putin to India, which began on Thursday.
Russian officials and bank representatives held a meeting on this issue with representatives of the Ministry of Finance of India on Wednesday, one of the sources reported.
Alfa-Bank plans to start operations in Mumbai, while Gazprombank will operate in New Delhi, where it already has a representative office.
The Central Bank of Russia announced on Wednesday that it has opened an office in Mumbai "to promote the interests of the Russian financial sector."
Sberbank and VTB are already operating in India, having opened a new office in the capital on Thursday.
Sberbank announced on Tuesday that it has launched a letter of credit in rupees with deferred payment for purchases in India, which will help Russian companies increase imports from the South Asian country.