SBI declines to be a nodal bank for Russia-related transactions

State Bank of India, which is one of the biggest corporate lender says it has not been identified as a nodal bank for handling Russia-related transactions

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State bank of India clarified that some of the media houses are calling them Nodal, but it's not true

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In this News, SBI said that All the banks are instructed to follow a specific guidelines related to transactions fromRussia

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RBI through circular on July 11, 2022 instructed to open Special Rupee Vostro account to promote invoicing in Indian Rupee

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SBI is working on necessary conditions and steps following RBI rules to allow transaction from different banks, including Russian banks

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(FIEO) president A Shaktivel told that we could possibly deal with Russia in rupee as SBI is working on some arrangements.

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