VTB Bank is set to roll out cross-border transfers in Indian rupees for retail clients by the end of September, according to the bank’s press service. This new capability marks a notable expansion of VTB’s international payment options and aligns with broader efforts to facilitate smoother financial exchanges with India for both individuals and businesses alike.
Representative comments from a VTB executive highlighted that customers, including corporate clients, will be able to send money to India with the same ease as domestic transfers. Svyatoslav Ostrovsky of VTB pointed out that the growing volume of business between Russia and India, coupled with a rising interest in Indian travel among Russian tourists, will likely drive demand for this service. The remark underscores the bank’s expectation that the offering will attract not only existing clients but also potential customers who may be drawn to VTB for cross-border transfer capabilities.
In the current sanctions environment, there has been heightened attention to transfers conducted in the currencies of friendly nations. VTB has already been active in enabling transfers in other non-ruble currencies to countries such as China and Vietnam, signaling a broader strategy to diversify payment corridors beyond traditional ruble settlements.
Transaction limits are set with a maximum of 20 million rubles per transfer. The applicable fee is 1 percent of the transfer amount, a structure that provides a clear cost framework for customers planning larger international payments. The bank commits that funds will reach the recipient’s account in India within two business days, offering a predictable and timely settlement window for both personal remittances and business payments.
Industry observers note that the move fits into a wider trend of banks expanding cross-border capabilities to accommodate alternative currencies that countries deem friendly amid evolving geopolitical and economic conditions. The ability to transfer in rupees may offer customers greater convenience and potential cost benefits when sending funds to India, especially for regular remittances or supplier payments in bilateral commerce.
VTB’s recent announcements follow discussions about the practical implications of currency choices in international transfers. The emphasis on rupees reflects an emphasis on stability, liquidity, and the potential for reduced exchange-rate volatility when remittances align with a partner currency preferred by both senders and recipients. As the program unfolds, customers can anticipate a streamlined process designed to minimize friction and improve settlement times across the two markets.
Specific guidance on how clients should initiate rupee transfers through VTB, as well as any documentation requirements or eligibility criteria, was not fully disclosed in the initial statements. Prospective users are advised to stay informed through official bank communications and to consult their account managers for personalized assistance as the service becomes available in their region. The bank’s official channel remains the most reliable source for the latest details on service availability, processing times, and any updates to transfer limits or fees.n
According to early September coverage in industry outlets, the introduction of rupee transfers is part of a broader conversation about the most efficient ways to move money across borders from Russia. As this service launches, it may enable a broader set of clients to manage international payments with greater flexibility and predictability. The ongoing evolution of cross-border payment options continues to shape how financial institutions respond to shifts in global trade and travel patterns, particularly in markets that are economically interconnected with India. [Source: VTB press service]