State Bank of India is not willing to process payments for Russian oil even after the US government issued a temporary waiver for India’s imports, as the country’s largest lender is uncertain how long the concession will last, according to people familiar with the matter.
The state-owned bank believes that engaging in such business could expose it to risks as it has a sizable loan portfolio in global markets, and also hurt its reputation, said the people who asked not to be identified because the information is private. SBI declined comment to a query from Bloomberg News.
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