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.

Mahesh Kumar

Working as an SEO Manager at Adda247, I bring over 10 years of experience in Search Engine Optimization (SEO) and digital marketing. I specialize in driving organic growth through data-driven strategies, including keyword research, on-page SEO, off-page optimization, and technical SEO. My area of expertise in the EdTech sector, specifically focusing on competitive exams such as Bank, SSC, Railway, UPSC, and various State Government job examinations.

Recent Posts

IAF Equips 40 Sukhoi Su-30MKI Fighter Jets with BrahMos Missiles, Strengthening Long-Range Strike Capability

The Indian Air Force (IAF) strengthened the long range precision strike by getting around 40…

4 hours ago

India Sets Record with 7 Schools Shortlisted for World’s Best School Prizes 2026

Indian schools have achieved the milestone as total 7 Indian schools secured places in Top…

4 hours ago

India Launches World’s First Nuclear Process Heat-Based Hydrogen Production Facility

India achieved the milestone as it commissioned the world’s first hydrogen production facility, which is…

5 hours ago

Japanese PM Sanae Takaichi to Visit India for 16th India-Japan Annual Summit from July 1 to 3

Honorable Japanese Prime Minister Sanae Takaichi is scheduled to visit New Delhi from 1st to…

5 hours ago

India-Seychelles Defence Partnership: How the Strategic Alliance Is Strengthening Security in the Indian Ocean

The India-Seychelles defense partnership has been emerged as the key pillar of maritime security in…

6 hours ago

Uber India & South Asia Chief Prabhjeet Singh Resigns After 10-Year Stint

President of Uber India and South Asia, Prabhjeet Singh has resigned after completing a decade-long…

6 hours ago