SBI says it is not nodal bank for transactions with Russia

16 Sep 2022 , 07:35 AM

The largest lender in India, State Bank of India (SBI), stated on Thursday that it has not been designated as a nodal bank for handling transactions relating to Russia.

The bank provided the statement in response to media reports claiming that it had been designated as the nodal bank for handling transactions involving Russia.

“Regarding the news that was reported in the media today about SBI being designated as the nodal bank for managing transactions relating to Russia, SBI would like to make it clear that the RBI authorized all Indian banks, including the State Bank of India, to open Special Rupee Vostro accounts in order to encourage invoicing in Indian Rupee through its circular on July 11, 2022. So, in accordance with RBI standards and our policies and processes, SBI is making the required preparations and processing requests received from various banks, including Russian institutions. SBI has not been designated as a nodal bank as a result “the SBI statement read.

In light of the growing interest in the domestic currency among the international trade community, the Reserve Bank of India (RBI) asked banks to implement additional provisions for export and import transactions in Indian rupees in a detailed circular released in July.

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