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February 28, 2022 / 08:16 AM IST

Indian lenders wait for government orders on Russian banks

Banks in India will wait for orders from the central government on whether to stop dealing with Russian lenders after the Western nations moved to isolate some of them from SWIFT (Society for Worldwide Interbank Financial Telecommunication), the global financial markets platform. The government hasn’t given any instructions on blocking the banks and it will be business as usual till it does.

Why it’s important: SWIFT is a secure messaging system that ensures cross-border payments for international trade. It’s unlikely India will ban cross-border trade with Russia since it abstained from voting against it over the Ukraine crisis at the UN Security Council. The Western sanctions are unlikely to impact trade flows between India and Russia.

Economic advisor says India has good cushion of forex reserves