UCO Bank Became the first Indian bank to get RBI approval for rupee trading

 India's public sector lender UCO Bank is the first bank to get the Reserve Bank of India's approval for rupee trade (trade settlement in Indian rupees). The Kolkata- based bank will open an exclusive Vostro account with Gazprombank of Russia for trade settlement in Indian Rupees.

 In July, the RBI had announced its decision to allow Indian banks to trade in Indian currency in July. The RBI also allowed trade agreements between India and other countries including Sri Lanka and Russia.