Business and economics
← Back to Current Affairs
UCO Bank becomes first lender to get RBI's approval for rupee trade
Published on 26 Sep 2022
- Public sector lender UCO Bank has received the Reserve Bank of India’s (RBI’s) approval to open a special vostro account with Gazprombank of Russia for trade settlement in Indian rupees.
- The Kolkata-based lender is the first bank to receive regulator’s approval following the RBI’s decision to allow Indian banks to settle trade in Indian currency in July.
- UCO Bank was chosen by the Union government in 2012 as the payment bank for oil imports from Iran, after the United State tightened the earlier rounds of sanctions.
Discussion 0
No comments yet. Be the first to share your thoughts!
Please log in or register to join the discussion.