Q. Which bank was the first to receive regulator permission after the RBI's decision to enable Indian banks to settle transactions in Indian currency?
Answer: UCO Bank
Notes: Public sector lender UCO Bank has received the Reserve Bank of India’s (RBI’s) approval to open a special vostro account with Gazprombank of Russia for trade settlement in Indian rupees. The Kolkata-based lender is the first bank to receive regulator’s approval following the RBI’s decision to allow Indian banks to settle trade in Indian currency.