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State Bank Of India: State Bank of India, the country’s largest state-run bank, has denied reports that it has been appointed as the nodal bank to handle transactions involving Russia. On September 15, 2022, SBI issued a clarification saying that it has no role as a nodal bank.
In the circular issued by the RBI in July, in view of the situation of Russia-Ukraine war, it was asked to make special arrangements for fulfillment of export-import settlement in Indian currency rupee, payment and invoicing. Citing this, SBI said that RBI had asked all banks including SBI to open Special Rupee Vostro Account so that invoicing in Indian currency can be promoted.
SBI said that following the policy and guidelines of RBI, it is engaged in making necessary arrangements in this direction after requests from other banks including Russian banks. But SBI also clarified that it has not been made any nodal bank.
In fact, on July 11, 2022, the RBI had made a system to settle the payment of exports from India in rupees. With the aim of promoting international trade in rupee with countries around the world, RBI has created this arrangement so that the attraction of trading in domestic currency rupee can be created among the global trading community.
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