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    Question

    Which of the following public sector bank has received

    the approval of the RBI to open a special Vostro account with Gazprom Bank of Russia for trade settlement in Indian rupees?
    A SBI Correct Answer Incorrect Answer
    B PNB Correct Answer Incorrect Answer
    C UCO Bank Correct Answer Incorrect Answer
    D UBI Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    UCO Bank has received the approval of the Reserve Bank of India to open a special Vostro account with Gazprom Bank of Russia for trade settlement in Indian rupees. UCO Bank which is a Kolkata-based lender is the first bank to receive the regulatorтАЩs approval following the decision of RBI to allow Indian Banks to settle trade in Indian currency in July.

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