SBI Rupee account: Bank issues clarification on opening accounts for Russia-related transactions

State Bank of India (SBI), the country's largest lender, has clarified that it has not been identified as a nodal bank for handling Russia-related transactions.

The clarification by the bank came in response to reports in certain sections of media that it had been identified as nodal bank for looking after Russia-related transactions.

"Concerning the news published by the media today about SBI being identified as the nodal bank for handling Russia-related transactions, SBI would like to clarify that RBI through its circular on July 11, 2022, has authorised all the banks in India, including the State Bank of India, 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 by SBI read.