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Which option explains the Nostro Account the best?
It refers to an Indian bank’s account with a foreign bank in foreign currency in the foreign country
It refers to an Indian bank’s account with a foreign bank in Indian currency in the foreign country
It refers to an Indian bank’s account with a foreign bank located in India in foreign currency
It refers to an foreign bank’s account with an Indian bank in Indian currency in India
A Rupee Vostro account is a foreign bank’s account with an Indian bank in rupees in India.
For example, HSBC holding an account with the State Bank of India in the Mumbai branch, denominated in rupees, is called a Rupee Vostro account.
Foreign parties will be able to send and receive money from Indian exporters and importers via these Rupee Vostro accounts.
On the other hand, a Nostro account refers to an Indian bank’s account with a foreign bank in foreign currency in the foreign country. It’s like SBI holding an account with HSBC in London, denominated in British pounds.
By: Rohit Garcha ProfileResourcesReport error
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