CURRENT AFFAIRS : BANKING & FINANCE
Union Bank of India becomes first Indian bank to open special vostro account for India-Malaysia trade settlement in rupee
- Public sector lender Union Bank of India (UBI) becomes the first bank in the country to open a Special Rupee Vostro Account (SRVA) through its corresponding bank in Malaysia i.e. India International Bank of Malaysia (IIBM).
- This means that trade between India and Malaysia can now be settled in the Indian rupee, in addition to the current modes of settlement in other currencies.
