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    Question

    Recently which of the following two privates sector bank have got approval from the RBI to open a special Vostro account for trade in rupees and both the approvals are for trade with Russia?

    A HDFC Bank and Canara Bank Correct Answer Incorrect Answer
    B ICICI Bank and Canara Bank Correct Answer Incorrect Answer
    C HDFC Bank and ICICI Bank Correct Answer Incorrect Answer
    D IDFC Bank and Canara Bank Correct Answer Incorrect Answer
    E HDFC Bank and IDFC Bank Correct Answer Incorrect Answer

    Solution

    HDFC Bank and Canara Bank 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. So far five Indian banks — UCO Bank, Union Bank, and IndusInd Bank being the other three  have received regulatory clearance for such trade. Aprt from these banks, two Russian banks — Sber Bank and VTB  have also received  RBI’s approval to have branches in India.  

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