Seylan Bank of Sri Lanka opened INR denominated Nostro account with Indian Bank in Mumbai.
21/03/2023
Seylan Bank of Sri Lanka has opened an Indian rupee-denominated Nostro account with Indian Bank in Mumbai.
This arrangement will help in settling cross border transactions between the two countries using the Indian Rupee.
Sri Lankan banks are opening Nostro accounts in banks in India. Similarly, banks on the Indian side have created similar accounts in Sri Lanka for reciprocal arrangements.
State-run Bank of Ceylon did its first rupee settlement in December 2022 and has completed transactions of over Rs 1 crore.
Similarly, State Bank of India has started rupee settlement from March 2023, while Indian Bank is carrying out similar transactions from January 2023.
