State Bank of India (SBI) on Thursday said as any other Indian bank, it had been making necessary arrangements and processing requests received from various banks, including Russian banks, to open Special Rupee Vostro accounts to promote invoicing in Indian rupee.
Denying media reports about being identified as the nodal bank for handling Russia-related transactions, the country’s largest public sector lender clarified that “RBI, vide its circular on July 11, 2022, has authorised all the banks in India, including the SBI, 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,” it said.
