RBI directs banks to find alternatives for Russia payments

Russia payments

The Reserve Bank of India has asked the banks to find methods of alternative mechanism payments considering the sanction put on Russia after facing heavy opposition for the ongoing war. Moscow continues to be isolated from the rest of the world’s banking system.

The west has decided to disconnect Russia from the SWIFT platform, which is the most used mechanism for digital cash amongst banks in Europe. Some Russian banks still stay inside this payment network.

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