VTB Bank the first Russian Bank on Tuesday opened its full service branch in the country to service corporate clients.
"The branch will mostly serve corporate clients and is designed to contribute to forging foreign trade relationship between Russia and India," VTB Bank Deputy Chairman Titov Vasily told reporters here.
He said approximately, by the end of this year the branch assets in New Delhi are to exceed USD 50 million with equity amounting to USD 27 million.
He further added that next year the branch assets are likely to double to over USD 90 million.
Since 2005 Russia's second largest lender is having its representative office in Delhi and has been carrying out its operation in the country through it.
At present, two Indian banks State Bank of India and Canara Bank combined together and ICICI Bank have branches in Russia.
Speaking on the occasion of opening of branch Russian Deputy Prime Minister Alexander Zhukov said, "I am sure that other Russian Banks will follow the suit and open branches in the country.
He added Sber Bank (the largest bank of Russia) will soon be starting its operations in India.
Vasily said, with opening up of the branch in the country, the VTB Bank will be able to offer banking services to Russian customers and their Indian partners both within the existing and scheduled projects.