2023
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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State Bank of India
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Canara Bank
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Indian Bank
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Punjab National Bank
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Detailed explanation-1: -Notes: India’s Public sector lender UCO Bank is the first bank to receive the Reserve Bank of India’s (RBI’s) approval for rupee trade.
Detailed explanation-2: -A vostro account is a bank account held by a domestic bank for a foreign bank, denominated in the domestic currency of the former. The Rupee Vostro Account specifically holds the foreign entity’s deposits in Indian rupees at the Indian bank.
Detailed explanation-3: -The Rupee Vostro Account system operates on a bilateral basis, which means that each foreign bank must establish a separate account with a domestic bank. The system enables foreign banks to conduct a wide range of transactions in Indian rupees, including trade finance, investment, and remittances.