By Manoj Kumar, Shivam Patel and Sarita Chaganti Singh NEW DELHI, Dec 4 (Reuters) - Russian lenders Gazprombank and Alfa Bank have sought clearance to begin operating in India, four people familiar with the matter said,

The IRIGC-M&MTC session reviewed key areas of defence cooperation, including major contracts, licensed production and technology transfer.

The submarine will be leased for a 10-year period and will not be deployed in combat. Instead, it will serve as a training and operational support platform to help India develop its own nuclear submarine capability.

India and Russia want to boost their trade and expand the variety of items in transactions, both said on Thursday as Russian President Vladimir Putin headed to New Delhi to start a two-day state visit.

India and Russia already collaborate on the BrahMos missile, licensed-production of Sukhoi aircraft, and maintenance of legacy platforms.

In an exclusive interview with India Today, Russian President Vladimir Putin addressed global geopolitics, stating "India is a major global player, not a British colony." He praised Prime Minister Narendra Modi as a "reliable person" who doesn't succumb to pressure.

The two countries are looking to strengthen trade ties and are likely to sign bilateral interdepartmental and business agreements during Putin's visit.

According to Putin, the global oil market has rebalanced after Western price caps and sanctions, creating opportunities for non-Western buyers. “If the market changes, buyers respond. That is not politics — that is economics,