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    Question

    Recently which of the following two privates sector bank

    have got approval from the RBI to open a special Vostro account for trade in rupees and both the approvals are for trade with Russia?
    A HDFC Bank and Canara Bank Correct Answer Incorrect Answer
    B ICICI Bank and Canara Bank Correct Answer Incorrect Answer
    C HDFC Bank and ICICI Bank Correct Answer Incorrect Answer
    D IDFC Bank and Canara Bank Correct Answer Incorrect Answer
    E HDFC Bank and IDFC Bank Correct Answer Incorrect Answer

    Solution

    HDFC Bank and Canara Bank have got approval from the Reserve Bank of India (RBI) to open a special Vostro account for trade in rupees and both the approvals are for trade with Russia. So far five Indian banks тАФ UCO Bank, Union Bank, and IndusInd Bank being the other three have received regulatory clearance for such trade. Aprt from these banks, two Russian banks тАФ Sber Bank and VTB have also received RBIтАЩs approval to have branches in India.

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