Putin India Visit Live Updates: Rajnath Singh Meets Russian Defence Minister; Sberbank Plans India Foray

Defence Minister Rajnath Singh and Defence Minister of Russia Andrei Belousov laid wreath at the National War Memorial in New Delhi.

The Russian Defence Minister will co-chair the 22nd India-Russia Inter-Governmental Commission on Military & Military Technical Cooperation ministerial meeting with Raksha Mantri Rajnath Singh at Manekshaw Centre later today.

Russia's Sberbank has plans for retail banking in India and also plans to invest in government bonds, CEO Herman Gref said.

The country's largest lender will use surplus Indian rupees to invest in local government bonds, he said.

Notably, Sberbank is under Western sanctions since the Ukraine war in 2022.

Sberbank, Russia's largest bank, and JSC First Asset Management have introduced a new mutual fund, 'First–India', offering investments linked to the performance of the Nifty 50 index. The launch comes amid Vladimir Putin's visit to India.

The launch was announced at the event at the NSE by Sberbank CEO and Chairman of the Executive Board, Herman Gref's during his business visit to India.

"Our new product provides a convenient way to gain exposure to one of the world’s key economic markets—the Indian stock market. Until now, no straightforward options existed for Russian investors seeking personal investments in Indian assets. However, we have created a new and efficient financial bridge between the two countries," Gref said.

"This initiative reflects strong confidence in India’s markets and deepens the India–Russia financial cooperation. NSE is committed to partnering with Sberbank to enhance market connectivity, uphold regulatory and investor-protection standards, and build liquidity and transparency for these products as we create new opportunities for investors in both countries," Ashishkumar Chauhan said.

Russian Defence Minister Andrei Belousov arrived at the Air Force Station, Palam in New Delhi. He was received by Minister of State for Defence  Sanjay Seth and Chief of Defence Staff General Anil Chauhan.

The Russian Defence Minister will co-chair the 22nd India-Russia Inter-Governmental Commission on Military & Military Technical Cooperation ministerial meeting with Raksha Mantri Rajnath Singh at Manekshaw Centre later today.

Russian President Vladimir Putin will kick-off his two-day state visit to India on Friday. He is scheduled to land at the Delhi International Airport in the evening. He will be received by senior Indian government officials.

Putin last came to India in 2021, just months before the Ukraine war.

The leader will hold will hold talks with Prime Minister Narendra Modi on Saturday. He will be hosted by President Droupadi Murmu for a banquet in the Rashtrapati Bhavan.

The visit will provide an opportunity for the leadership of India and Russia to review progress in bilateral relations, set the vision for strengthening the ‘Special and Privileged Strategic Partnership’ and exchange views on regional and global issues of mutual interest, according to the government.