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If a bank in India, SBI, has an account with citibank, Newyork and another Indian Bank Allahabad Bank, wants to refer to that account while corresponding with c
If a bank in India, SBI, has an account with citibank, Newyork and another Indian Bank Allahabad Bank, wants to refer to that account while corresponding with citibank, Newyork the Allahabad Bank would refer to which one of the following accounts ?
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Eduncle Best Answer
(1) Loro account : Loro Account is a Current Account Maintained by one Domestic Bank on behalf of other domestic bank in foreign bank in foreign currency.
(2) Mirror account: An contra-account which reflects a nostro account with another bank.
(3) Vostro account : A vostro account is an account a correspondent bank holds on behalf of another bank. These accounts are an essential aspect of correspondent banking in which the bank holding the funds acts as custodian for or manages the account of a foreign counterpart.
(4) Mix of Nostro and Vostro account : A nostro is our account of our money, held by the other bank, A vostro is our account of other bank money, held by us