Comments
State Bank of India on Thursday issued a statement clarifying that it is not the government-appointed nodal bank for handling Russia-related transactions, as reported by some media outlets.
The country’s largest lender said that the Reserve Bank of India(RBI) had on July 11, authorised all Indian banks to open Special Rupee Vostro account to promote invoicing in Indian Rupee. “Accordingly, SBI is making necessary arrangements and processing requests received from various banks, including Russian banks, duly following RBI guidelines and our policies and procedures. SBI, as such, has not been identified as a nodal bank,” the statement said.
Media reports had said that India is likely to start trading with Russia in rupees as SBI has agreed to facilitate the new mechanism. The reports, quoting the Federation of Indian Export Organisations, said that some other banks have also shown interest, but SBI is waiting for Russia to identify one bank for the transactions.
RBI had in July asked banks to put in place additional arrangements for trade in the domestic currency, in view of increasing interest of the global community in the INR.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.