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    Question

    Which bank has become the first lender to get RBI's

    approval for rupee trade?
    A Axis Bank Correct Answer Incorrect Answer
    B HDFC Bank Correct Answer Incorrect Answer
    C Union Bank of India Correct Answer Incorrect Answer
    D UCO Bank Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Public sector lender UCO Bank has received the Reserve Bank of India’s (RBI’s) approval to open a special vostro account with Gazprombank of Russia for trade settlement in Indian rupees. The Kolkata-based lender is the first bank to receive regulator’s approval following the RBI’s decision to allow Indian banks to settle trade in Indian currency in July.

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