UCO Bank becomes first lender to get RBI's approval for rupee trade

Daily Current Affairs / UCO Bank becomes first lender to get RBI's approval for rupee trade

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Category : Business and economics Published on: September 26 2022

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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.