_________ became the first bank to get Reserve Bank of India's approval for rupee trade.

UCO Bank

The correct answer is Option (3) - UCO Bank

UCO Bank became the first bank to receive approval from the Reserve Bank of India (RBI) for rupee trade. Rupee trade refers to trading activities denominated in Indian rupees (INR) in international financial markets. Prior to this approval, Indian banks were primarily restricted to trading in foreign currencies in international markets.

The approval from RBI signifies that UCO Bank can now participate in global financial markets, facilitating transactions involving Indian rupees. This decision is significant as it opens up new avenues for UCO Bank to engage in international trade and finance, potentially increasing its revenue streams and strengthening its position in the banking sector.

By obtaining approval for rupee trade, UCO Bank can offer a range of financial services to its customers, including currency hedging, trade finance, and foreign exchange transactions denominated in Indian rupees. This move aligns with the broader objectives of promoting the use of the Indian rupee in global trade and finance, contributing to India's economic growth and financial stability.

Overall, UCO Bank's achievement highlights its commitment to innovation and expansion in the global financial landscape, positioning it as a pioneering institution in facilitating international transactions involving the Indian rupee.