Question
So far how many indigenous banks 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?Solution
So far five Indian banks — UCO Bank, Union Bank, and IndusInd Bank being the other three — have received regulatory clearance for such trade. This apart, two Russian banks — Sber Bank and VTB — have the RBI’s approval. Both have branches in India.
Answer the questions based on the information given below.
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