Interest rates nearly peaked, may go up by another 25 bps: UCO Bank CEO

Soma Sankara Prasad, managing director and chief executive officer of the Kolkata-based lender in an interview that he expects strong interest for the rupee trade from several nations

UCO Bank was the first lender to have received the Reserve Bank of India’s approval to open a special Vostro account for trade in rupee. Soma Sankara Prasad, managing director and chief executive officer of the Kolkata-based lender, tells Manojit Saha in an interview that he expects strong interest for the rupee trade from several nations. Excerpts:     

UCO Bank has received RBI’s approval to open special Vostro accounts for INR trade. Has any transaction taken place yet?  
 

This is a mechanism the Reserve Bank of India (RBI) put in place to internationalise the rupee. This mechanism is country-agnostic.