Seylan Bank opens INR Nostro account to catalyse Indo-Lanka trade

Seylan Bank opens INR Nostro account to catalyse Indo-Lanka trade

Daily Current Affairs   /   Seylan Bank opens INR Nostro account to catalyse Indo-Lanka trade

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Category : Business and economics Published on: March 21 2023

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  • Sri Lanka’s Seylan Bank has opened an Indian rupee denominated Nostro account in Indian Bank in Mumbai.
  • The state run Bank of Ceylon had carried out its first rupee settlement in December 2022 and has completed transactions over 1 crore rupees. 
  • Similarly, State Bank of India has started rupee settlements from this month, while Indian bank has been completing similar transactions from January this year.
  • India has been trying to increase Indian rupee-based trade settlements, which will help the traders on both sides given shortages in Foreign Exchange.
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