Awaiting Guidelines On SWIFT Transactions With Russian Entities: Punjab National Bank

PNB has said it was awaiting advisory from the finance ministry and the RBI regarding SWIFT-related transactions with Russian entities

Country's second-largest bank Punjab National Bank (PNB) has said it was awaiting advisory from the finance ministry and the Reserve Bank of India (RBI) regarding SWIFT-related transactions with Russian entities.

In view of the ongoing war between Russia and Ukraine, several countries including the US, Canada and certain European nations have blocked some Russian banks from using SWIFT, a system that is used for global banking transactions.

"...we have not received any advisory from the RBI/Finance Ministry regarding SWIFT-related transactions with respect to Russia. Any action in this regard shall be taken after receipt of guidelines from RBI or finance ministry," PNB said in a response to queries on Russia-related transactions.

Meanwhile, sources said that the State Bank of India (SBI) has stopped processing transactions of Russian entities that have been sanctioned by the West over Moscow's invasion of Ukraine.