PNB awaits RBI Guidelines

The second largest bank of India- Punjab National Bank recently said that it is awaiting the guidelines from the Ministry of Finance and the Reserve Bank of India regarding SWIFT-related financial transactions with Russian accounts. Russia in return for invading its neighbor, Ukraine was banned by several countries around the globe including the United States of America, Canada, and European countries from using the SWIFT, a global bank transaction system. When questioned about transactions involving Russia, Punjab National Bank in its statement said "we have received no notification from the Reserve Bank of India or the finance Ministry regarding SWIFT-related transactions involving Russia. Any action in this regard will be taken only after receiving instructions from the Reserve Bank of India or the Finance Ministry” However according to sources, the Indian largest bank- the State Bank Of India has already halted the transactions involving Russian accounts about sanctions that were announced on Russia. Reportedly, the State Bank of India issued a circular because it was concerned with the fact that it might face the sanction for clearing transactions for restricted accounts.