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UCO Bank becomes first lender to get RBI's approval for rupee trade

Business Standard LogoBusiness Standard1w ago

UCO Bank becomes first lender to get RBI's approval for rupee trade - Business Standard

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One of the top three banks in Russia, Gazprombank offers a whole range of banking and investment services to over 45,000 corporate and three million private clients.

Since we have stopped buying oil from Iran from 2019, the rupee balance has gone down,” Prasad said, adding that UCO was looking at ways to augment the rupee balance.

UCO Bank was chosen by the Union government in 2012 as the payment bank for oil imports from Iran, after the United State tightened the earlier rounds of sanctions.

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Article Details

Author / Journalist: Manojit Saha

Category: EconomyFinance

Topics: Business Bank Trade Iran Account Rupee Vostro Banks Indian Russia Special

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-09-22, 19:10:00

News Timezone: GMT +5:00

News Source URL:

Language: English

Reading Time: 4 minutes read

Article Length: 656 words

Coverage Area: India

Availability: Desktop Web, Mobile Web

News ID: 471119

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About Business Standard

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Main Topics: EconomyFinance

Official Website:

Update Frequency: 224 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 8h ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

News Language: English

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Publisher ID: #49

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