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QWhat is the name of the account that a bank maintains on behalf of another, usually a foreign bank?

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  • A Nostro account ✔ ✖
  • B Vostro account ✔ ✖
  • C Forex Trade Account ✔ ✖
  • D Settlement Account ✔ ✖
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A Vostro account is an account that a bank holds on behalf of another, usually a foreign bank. Three months after the Reserve Bank of India approved trade settlement in Indian rupees, the Union government has permitted nine banks to create special Vostro accounts. Three of the nine have established accounts: Gazprombank with UCO Bank (Kolkata), VTB, and Sberbank with their branches. The measure will make it easier for India to export to Russia.

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