Banks put contemporary transactions on maintain with Russian friends

Written by Shritama Bose, Banikinkar Pattanayak | Mumbai, New Delhi |

March 1, 2022 3:00:19 am

Worried banks on Monday determined to place contemporary transactions with Russian lenders on maintain quickly, as they met to deliberate on the potential impression of western sanctions and the transfer to dam sure Russian lenders from the Swift world funds system in India. However, transactions that have been dedicated earlier than the sanctions can be processed, banking sources mentioned. The assembly was convened by the Indian Banks’ Association (IBA) in Mumbai, one of many sources mentioned.

Separately, senior Finance Ministry officers and bankers will meet on March 5 in New Delhi to agency up a technique to reply to the disaster, the supply mentioned. The new monetary providers secretary, Sanjay Malhotra, will attend the March 5 assembly, he added.