Which Bank has received the RBI rsquo s approval to open a special vostro account with Gazprombank o...........

Static GK (IBPS -PO) Banking Awareness

Which Bank has received the RBI’s approval to open a special vostro account with Gazprombank of Russia for trade settlement in Indian rupees?

This questions was previously asked in

IBPS PO Mains (26th November 2022)

Indusind Bank

SBI Bank

HDFC Bank

ICICI Bank

UCO bank

- The Reserve Bank of India (RBI) allows a licensed bank to open a “vostro account” for foreign companies to settle trade in Indian rupees.

- Option 5, UCO Bank, is the bank that received RBI's approval to open a special vostro account with Gazprombank of Russia.

- A vostro account is an account a correspondent bank holds on behalf of another bank.

- The arrangement aims to support cross-border trade between India and Russia bypassing traditional settlements in dollars or euros.

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