Categories: Banking

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

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 which is a Kolkata-based lender is the first bank to receive the regulator’s approval following the decision of RBI to allow Indian Banks to settle trade in Indian currency in July.

Bank Maha Pack includes Live Batches, Test Series, Video Lectures & eBooks

About UCO Bank

UCO Bank was formerly known as United Commercial Bank which was established in 1943 in Kolkata. It is one of the nationalized banks in India. It is under the ownership of the Ministry of Finance, Government of India.

About Gazprom Bank

Gazprom Bank is a Russian lender, which was set up by World’s largest gas producer and exporter Gazprom to provide banking services for gas industry enterprises. The Gazprom Bank has been operating since 1990. It is one of the top three banks in Russia. It offers a whole range of banking and investment services to over 45,000 corporate and three million private clients.

Recent Posts

Prashant Veer and Kartik Sharma Become Joint Most Expensive Uncapped Players

The IPL Auction 2026 witnessed a historic moment as Prashant Veer and Kartik Sharma emerged…

8 hours ago

Filmfare OTT Awards 2025 Winners List: Black Warrant Emerges Big Winner

The Filmfare OTT Awards 2025, held in Mumbai on December 16, 2025, honoured the finest…

9 hours ago

India Plans New Antarctic Station Maitri II, Completion Target 2032

India is set to expand its polar research footprint with Maitri II, a next-generation research…

9 hours ago

Why Cameron Green’s IPL Pay Is ₹18 Crore, Not ₹25.2 Crore

The IPL mini-auction witnessed history when Australian all-rounder Cameron Green attracted a staggering INR 25.2…

9 hours ago

HDFC Bank Gets RBI Nod to Acquire Up to 9.5% Stake in IndusInd Bank

In an important development in India’s banking sector, HDFC Bank has received approval from the…

10 hours ago

IPL Auction 2026: List of the Top 10 Most Expensive Players in IPL History

The IPL Auction 2026 created history as bidding wars reached unprecedented heights, reaffirming the Indian…

10 hours ago