Which Bank has received the RBI’s approval to open a special vostro account with Gazprombank of Russia for trade settlement in Indian rupees?

Question

Question

This question was previously asked in

AFCAT 01/2023 Memory Based Paper 26 Feb 2023

Answer 1

The correct answer is UCO bank

Key Points

UCO Bank has received the RBI’s approval to open a special vostro account with Gazprom bank of Russia for trade settlement in Indian rupees.
With this, it has become the first bank to receive RBI’s approval to settle trade in Indian currency.
On 11 July 2022, RBI issued a circular allowing trade settlements between India and other countries in rupee.

Additional Information

UCO Bank is one of the nationalised banks in India.
It is under the ownership of the Ministry of Finance, Government of India.
Based on 2020 data, it is ranked 80 on the Fortune India 500 list.
UCO Bank:
- Headquarters: Kolkata
- CEO: Soma Sankara Prasad (1 Jan 2022–)
- Founded: 6 January 1943
- Founder: Ghanshyam Das Birla