Question : ______ became the first bank to get the Reserve Bank of India's approval for rupee trade.
Option 1: SBI Bank
Option 2: Axis Bank
Option 3: UCO Bank
Option 4: ICICI Bank
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Correct Answer: UCO Bank
Solution : The correct answer is UCO Bank .
UCO Bank, a public sector bank based in Kolkata, has gained approval from the Reserve Bank of India (RBI) to open a special account with Gazprombank of Russia. This approval allows them to settle trades in Indian rupees. Notably, UCO Bank is the first bank to receive such approval since the RBI's decision in July to permit Indian banks to settle trades in Indian currency. Back in 2012, the Indian government selected UCO Bank as the payment bank for oil imports from Iran, a decision made in response to increased sanctions by the United States at that time.
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