Ukraine crisis: UCO, SBI meet RBI today on payments to Russian firms

The meeting between the banks and RBI comes amid reports that the government is exploring the option of reactivating the rupee-ruble trade between the two countries

The Reserve Bank of India (RBI) is likely to meet some of the state-run lenders, including State Bank of India and UCO Bank, on Friday to discuss payment mechanisms to Russian companies. Indian banks have stopped processing payments to Russian firms after the US imposed sanctions on Russian banks following the invasion of Ukraine last week.

According to banking sources aware of the development, senior central bank officials will meet the banks on Friday. Earlier this week, banks were told to submit details of their exposure to the banking regulator.

The meeting between the banks and RBI comes amid reports that the