Punjab National Bank (PNB), the country's second-largest bank, said it was awaiting advice from the Finance Ministry and the Reserve Bank on SWIFT-related transactions with Russian entities.
In light of the ongoing conflict between Russia and Ukraine, several countries, including the United States, Canada, and a number of European countries, have barred some Russian banks from using SWIFT, a global banking transaction system. "...we have received no notification from the RBI/Finance Ministry regarding SWIFT-related transactions involving Russia. Any action in this regard will be taken only after receiving instructions from the RBI/Finance Ministry "PNB stated this in response to questions about transactions involving Russia.
Meanwhile, sources claim that India's largest lender, the State Bank of India, has stopped processing transactions involving Russian entities sanctioned by the West in response to Moscow's invasion of Ukraine. SBI is said to have issued a circular because it is concerned that any transaction with sanctioned entities or sectors will result in sanctions against it as well. Russia is one of India's largest suppliers of defence products and equipment, primarily through government-to-government contracts.
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