India's UCO Bank Will Open Rupee Account to Boost Russian Trade
India's state-run bank, UCO Bank, plans to pen a special rupee account with Russian bank Gazprombank to boost trade between the two countries, a top UCO Bank official said, Bloomberg reported. UCO Bank's managing director and CEO, Soma Sankara Prasad,…
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said that the bank has gotten the needed approval from the Reserve Bank of India, the country's top bank regulator, to open the special account. UCO Bank has previously served as the payment bank for oil imports from Iran. Prasad further explained that the bank will impose operational modalities before opening the account with Gazprombank, clarifying that there is no clear time when the transactions will begin.