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

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.
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