New 55% Off on All Courses - Enroll Now! Click Here

    Question

    Which of the following public sector bank has received

    the approval of the RBI to open a special Vostro account with Gazprom Bank of Russia for trade settlement in Indian rupees?
    A SBI Correct Answer Incorrect Answer
    B PNB Correct Answer Incorrect Answer
    C UCO Bank Correct Answer Incorrect Answer
    D UBI Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    UCO Bank has received the approval of the Reserve Bank of India to open a special Vostro account with Gazprom Bank of Russia for trade settlement in Indian rupees. UCO Bank which is a Kolkata-based lender is the first bank to receive the regulator’s approval following the decision of RBI to allow Indian Banks to settle trade in Indian currency in July.

    Practice Next

    Relevant for Exams: