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Top public sector banks — such as State Bank of India (SBI) and Bank of Baroda (BoB) — are working to make operational the Reserve Bank of India’s (RBI) latest mechanism for settling international payments in rupee, according to people aware of the development. The move is aimed at boosting trade with sanctions-hit Russia.
The wheels started spinning after the government allayed banks’ concerns about sanctions by Western nations, saying if they steer clear of sanctioned items, entities, and banks, they won’t be affected, the sources said.
“Banks are in the process of opening accounts with non-sanctioned entities. Leading banks,
