State Bank of India's exposure to Russia, Ukraine less than $10 mn

Banks will get 10 days to complete the processing of payments to avoid near-term problems for businesses

State Bank of India’s (SBI’s) exposure to Russia, which is facing sanctions following invasion of Ukraine, is less than $10 million. Banks will get 10 days to complete the processing of payments already in the system to avoid near-term problems for businesses and trade.

While getting clarity for the entire system exposure remains a work in progress, the bank (SBI) has small transaction exposure (less than $10 million), said senior bank executive.   Following sanctions imposed on the transactions with Russian entities, the Reserve Bank of India (RBI) moved in to find a way for stuck payments. It is collecting information