Russia’s VTB to launch cross-border money transfers to India

MOSCOW (Reuters) – Russia’s VTB Bank said on Wednesday that it will launch money transfers in Indian rupees by the end of September.

Retail customers will be able to send money to individuals and legal entities in India, the bank said. The maximum volume of one transaction will be 20 million roubles ($213,106), the commission is 1% of the transfer amount.

Russia’s top lenders Sberbank and VTB have said they are improving their ability to convert rupees into roubles, helping exporters to get funds effectively trapped in India due to Western sanctions.

($1 = 93.8500 roubles)

(Reporting by Elena Fabrichnaya, Alexander Marrow. Writing by Marina Bobrova; Editing by Chizu Nomiyama)