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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