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

UCO Bank becomes the first lender to get RBI’s approval for rupee trade – Public sector lender UCO Bank has become 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. Reserve Bank of India (RBI) gave the approval to open a special Vostro account with Gazprombank of Russia for trade settlement in Indian rupees.

  • In 2012, the Union govt selected UCO Bank as the payment bank for oil imports from Iran.
  • world’s largest gas producer and exporter Gazprom established a Russian lender for providing banking services for gas industry enterprises and has been operating since 1990.
  • Gazprombank provides a whole range of banking and investment services to over 45,000 corporate and three million private clients.

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