Nostro Vostro account
This query is : Resolved
kakerenishravankumar
(Querist)
22 September 2017
If Indian bank have an account in foreign with a foreign bank, it is called as Nostrils account, whether it is the same case if, an Indian Bank have an account with other Indian bank in India.
Amol S Joglekar
(Expert)
22 September 2017
The vostro account is held in the currency of the country where money is on deposit.
Nostro accounts are often used to simplify trade and foreign exchange transactions.
Nostro accounts are often used to simplify trade and foreign exchange transactions.
K Srinivas, CMA CS
(Expert)
22 September 2017
Classification of Nostro Vostro Loro is mostly used in international banking.
Amol S Joglekar
(Expert)
24 September 2017
yes, that is true......and is important in the era of GLOBALISATION
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