Russian banks, including VTB, Sberbank, and Gazprombank, are considering becoming foreign portfolio investors (FPIs) to trade on Indian stock exchanges. VTB, Russia s second largest bank, has approached the Securities and Exchange Board of India (Sebi) to obtain an FPI license. The proposal will also need approval from the Reserve Bank of India (RBI).
Russia's Gazprombank has expanded its links with banks in India to expedite trade between the two countries in national currencies, a key executive told Reuters on Monday,