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RBI’s approval for rupee trade
October 3 , 2022
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- 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, a Kolkata-based lender, is the first bank to receive this regulator’s approval.
- Gazprom Bank is a Russian lender and one of the top three banks in Russia.
- It was set up by World’s largest gas producer and exporter Gazprom to provide banking services for gas industry enterprises.
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