UCO Bank is in the process of opening a special Vostro account with Russia's Gazprombank for settlement of trade in Rupee against the backdrop of sanctions imposed by western countries on Russia following its invasion of Ukraine.
The deal between UCO Bank and Gazprombank comes as the Reserve Bank of India implements a system to facilitate international payments through special Vostro accounts to promote trade in Rupee. Under the Rupee Drawing Arrangements (RDAs), the bank of a partner country opens a special INR VOSTRO account with a bank in India.
UCO Bank is a commercial bank and a Government of India Undertaking. The Bank offers wide range of services includes Personal Banking, Corporate Banking, International Banking, Rural Banking and other services.
