Reserve Bank of India to take stock of banks' exposure to Russia, Ukraine

The move is intended to harm Russian president Vladimir Putin's ability to finance the war

With the Russian invasion into Ukraine prompting the West to impose tough sanctions on Russia, the Reserve Bank of India (RBI) is also gauging the extent of damage to the Indian banking sector due to the worsening geopolitical situation.

The Indian Banks’ Association (IBA) called a meeting with top banks of the country on Monday. It asked them to submit detailed information on their exposure to both Russia and Ukraine.

Banks have been asked to furnish the details by Wednesday to the banking regulator. According to bankers, the RBI is likely to announce measures after taking stock of their exposure