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 regulator’s approval following the decision of RBI to allow Indian Banks to settle trade in Indian currency in July.

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