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.