RBI asks banks to find alternative mechanism for Russia payments

At a high-powered meeting with select banks, the RBI sought suggestions from top executives on conducting payment settlements with Russian lenders in the current scenario, sources familiar with the development told ET. Bankers attending the meeting could not come up with an immediate solution, they said. The RBI did not respond to ET's queries. The US has put fresh sanctions on Russia's VTB Banking, snapping the lender's access to the global financial payments system.

from Banking/Finance-Industry-Economic Times https://ift.tt/wUmIz4G