State credit repayment: nominated Indian banks authorised to handle exports to Russia under FEMA directions, with penalties for non-compliance. The Reserve Bank of India has added Oriental Bank of Commerce, State Bank of Patiala and Bank of Punjab Ltd. to the list of nominated banks authorised to handle exports to Russia against repayment of State Credits; authorised dealers must notify constituents and comply with directions issued under the Foreign Exchange Management Act, non-observance attracting statutory penalties.