Answer: UCO Bank
Notes: India’s Public sector lender UCO Bank is the first bank to receive the Reserve Bank of India’s (RBI’s) approval for rupee trade. The Kolkata-based bank will open a special vostro account with Gazprombank of Russia for trade settlement in Indian rupees. In July, RBI announced its decision to allow Indian banks to settle trade in Indian currency in July. RBI also allowed trade settlements between India and other countries, including Sri Lanka and Russia.
