Statement by State Bank of India

Mumbai September 16, 2022: Concerning the news published by the media today about SBI being identified as the nodal bank for handling Russia-related transactions; SBI would like to clarify that RBI vide its circular on July 11, 2022, has authorized all the banks in India, including the State Bank of India to open Special Rupee Vostro account to promote invoicing in Indian Rupee. Accordingly, SBI is making necessary arrangements and processing requests received from various banks, including Russian banks, duly following RBI guidelines and our policies and procedures. SBI, as such, has not been identified as a nodal bank.