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?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.
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