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    Question

    India International Bank of Malaysia (IIBM), based in

    Kuala Lumpur, has opened a special Rupee Vostro account to settle trades in Indian Rupee through which of  its corresponding bank in India?
    A UCO Bank Correct Answer Incorrect Answer
    B Union Bank of India Correct Answer Incorrect Answer
    C Canara Bank Correct Answer Incorrect Answer
    D Bank of Baroda Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Trade between India and Malaysia can now be settled in Indian Rupee (INR) in addition to the current modes of settlement in other currencies.    The RBI’s initiative is aimed at facilitating the growth of trade and supporting the interests of the global trading community in the Indian rupee      India International Bank of Malaysia (IIBM), based in Kuala Lumpur, has operationalized this mechanism by opening a special Rupee Vostro account through its corresponding bank in India that is Union Bank of India.

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