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- 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.