{"id":1733,"date":"2023-03-19T10:51:00","date_gmt":"2023-03-19T05:21:00","guid":{"rendered":"https:\/\/edunovations.com\/currentaffairs\/?p=1733"},"modified":"2023-04-28T10:36:57","modified_gmt":"2023-04-28T05:06:57","slug":"seylan-bank-nostro-account-seylan-bank-of-sri-lanka-opens-inr-denominated-nostro-account-in-indian-bank-in-mumbai","status":"publish","type":"post","link":"https:\/\/edunovations.com\/currentaffairs\/banking\/seylan-bank-nostro-account-seylan-bank-of-sri-lanka-opens-inr-denominated-nostro-account-in-indian-bank-in-mumbai\/","title":{"rendered":"Seylan Bank Nostro account : Seylan Bank of Sri Lanka opens INR denominated Nostro account in Indian Bank in Mumbai"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/seylan-bank-nostro-account-seylan-bank-of-sri-lanka-opens-inr-denominated-nostro-account-in-indian-bank-in-mumbai\/#Seylan_Bank_Nostro_account_Seylan_Bank_of_Sri_Lanka_opens_INR_denominated_Nostro_account_in_Indian_Bank_in_Mumbai\" >Seylan Bank Nostro account : Seylan Bank of Sri Lanka opens INR denominated Nostro account in Indian Bank in Mumbai<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/seylan-bank-nostro-account-seylan-bank-of-sri-lanka-opens-inr-denominated-nostro-account-in-indian-bank-in-mumbai\/#Why_this_News_is_important\" >Why this News is important:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/seylan-bank-nostro-account-seylan-bank-of-sri-lanka-opens-inr-denominated-nostro-account-in-indian-bank-in-mumbai\/#Historical_context\" >Historical context:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/seylan-bank-nostro-account-seylan-bank-of-sri-lanka-opens-inr-denominated-nostro-account-in-indian-bank-in-mumbai\/#Key_Takeaways_from_%E2%80%9CSeylan_Bank_of_Sri_Lanka_opens_INR_denominated_Nostro_account_in_Indian_Bank_in_Mumbai%E2%80%9D\" >Key Takeaways from &#8220;Seylan Bank of Sri Lanka opens INR denominated Nostro account in Indian Bank in Mumbai&#8221;:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/seylan-bank-nostro-account-seylan-bank-of-sri-lanka-opens-inr-denominated-nostro-account-in-indian-bank-in-mumbai\/#Important_FAQs_for_Students_from_this_News\" >Important FAQs for Students from this News<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/seylan-bank-nostro-account-seylan-bank-of-sri-lanka-opens-inr-denominated-nostro-account-in-indian-bank-in-mumbai\/#Q1_What_is_a_Nostro_account\" >Q.1 What is a Nostro account?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/seylan-bank-nostro-account-seylan-bank-of-sri-lanka-opens-inr-denominated-nostro-account-in-indian-bank-in-mumbai\/#Q2_What_is_the_significance_of_Seylan_Bank_opening_an_INR-denominated_Nostro_account_in_Indian_Bank_in_Mumbai\" >Q.2 What is the significance of Seylan Bank opening an INR-denominated Nostro account in Indian Bank in Mumbai?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/seylan-bank-nostro-account-seylan-bank-of-sri-lanka-opens-inr-denominated-nostro-account-in-indian-bank-in-mumbai\/#Q3_Is_this_the_first_time_a_Sri_Lankan_bank_has_opened_a_Nostro_account_in_India\" >Q.3 Is this the first time a Sri Lankan bank has opened a Nostro account in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/seylan-bank-nostro-account-seylan-bank-of-sri-lanka-opens-inr-denominated-nostro-account-in-indian-bank-in-mumbai\/#Q4_What_is_the_bilateral_Free_Trade_Agreement_FTA_between_India_and_Sri_Lanka\" >Q.4 What is the bilateral Free Trade Agreement (FTA) between India and Sri Lanka?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/seylan-bank-nostro-account-seylan-bank-of-sri-lanka-opens-inr-denominated-nostro-account-in-indian-bank-in-mumbai\/#Q5_How_can_this_news_be_relevant_for_students_preparing_for_government_exams\" >Q.5 How can this news be relevant for students preparing for government exams?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/seylan-bank-nostro-account-seylan-bank-of-sri-lanka-opens-inr-denominated-nostro-account-in-indian-bank-in-mumbai\/#Some_Important_Current_Affairs_Links\" >Some Important Current Affairs Links<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Seylan_Bank_Nostro_account_Seylan_Bank_of_Sri_Lanka_opens_INR_denominated_Nostro_account_in_Indian_Bank_in_Mumbai\"><\/span>Seylan Bank Nostro account : Seylan Bank of Sri Lanka opens INR denominated Nostro account in Indian Bank in Mumbai<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Seylan Bank, one of Sri Lanka&#8217;s prominent commercial banks, has opened an INR-denominated Nostro account in Indian Bank in Mumbai, India. This move is expected to strengthen bilateral trade relations and increase banking services between India and Sri Lanka. The Seylan Bank of Sri Lanka becomes the first Sri Lankan Bank to open a Nostro account in Indian Bank, which is one of the largest public sector banks in India.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\" id=\"Seylan-Bank-Nostro-account\"><img decoding=\"async\" width=\"400\" height=\"206\" src=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/04\/Seylan-Bank-Nostro-account.webp\" alt=\"Seylan Bank Nostro account\" class=\"wp-image-1743\" title=\"Seylan Bank Nostro account\" srcset=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/04\/Seylan-Bank-Nostro-account.webp 400w, https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/04\/Seylan-Bank-Nostro-account-300x155.webp 300w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/><figcaption class=\"wp-element-caption\">Seylan Bank Nostro account<\/figcaption><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_this_News_is_important\"><\/span>Why this News is important:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Sri Lanka&#8217;s Seylan Bank has opened an INR denominated Nostro account in Indian Bank in Mumbai. This is the first time a Sri Lankan bank has opened such an account in India. The move is expected to increase banking services and strengthen trade relations between the two countries.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Historical_context\"><\/span>Historical context:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">India and Sri Lanka have maintained strong trade and economic relations over the years. The two countries have a bilateral Free Trade Agreement (FTA) in place, which came into effect in 2000. The agreement has been beneficial for both countries, and it has helped in promoting trade and investment between the two nations. The opening of an INR-denominated Nostro account by Seylan Bank is expected to boost trade relations and facilitate smoother transactions between India and Sri Lanka.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Takeaways_from_%E2%80%9CSeylan_Bank_of_Sri_Lanka_opens_INR_denominated_Nostro_account_in_Indian_Bank_in_Mumbai%E2%80%9D\"><\/span>Key Takeaways from &#8220;Seylan Bank of Sri Lanka opens INR denominated Nostro account in Indian Bank in Mumbai&#8221;:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Serial Number<\/th><th>Key Takeaways<\/th><\/tr><\/thead><tbody><tr><td>1.<\/td><td>Seylan Bank of Sri Lanka has opened an INR-denominated Nostro account in Indian Bank in Mumbai.<\/td><\/tr><tr><td>2.<\/td><td>This is the first time a Sri Lankan bank has opened such an account in India.<\/td><\/tr><tr><td>3.<\/td><td>The move is expected to strengthen trade relations and increase banking services between India and Sri Lanka.<\/td><\/tr><tr><td>4.<\/td><td>India and Sri Lanka have a bilateral Free Trade Agreement (FTA) in place, which came into effect in 2000.<\/td><\/tr><tr><td>5.<\/td><td>The opening of an INR-denominated Nostro account by Seylan Bank is expected to boost trade relations and facilitate smoother transactions between India and Sri Lanka.<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">Seylan Bank Nostro account<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">In conclusion, the opening of INR-denominated Nostro account by Seylan Bank in Indian Bank in Mumbai is a significant step towards enhancing trade relations between India and Sri Lanka. The move is expected to provide better banking services and facilitate smoother transactions between the two nations. The bilateral FTA between India and Sri Lanka has been instrumental in boosting trade and investment between the two countries, and the opening of this account is a positive development towards that goal. Students preparing for government exams, especially those appearing for banking exams, should keep abreast of such developments to improve their chances of success.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Important_FAQs_for_Students_from_this_News\"><\/span>Important FAQs for Students from this News<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q1_What_is_a_Nostro_account\"><\/span>Q.1 What is a Nostro account? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A. A Nostro account is a bank account that a bank holds in a foreign country in the currency of that country.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q2_What_is_the_significance_of_Seylan_Bank_opening_an_INR-denominated_Nostro_account_in_Indian_Bank_in_Mumbai\"><\/span>Q.2 What is the significance of Seylan Bank opening an INR-denominated Nostro account in Indian Bank in Mumbai?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"> A. This move is expected to strengthen bilateral trade relations and increase banking services between India and Sri Lanka.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q3_Is_this_the_first_time_a_Sri_Lankan_bank_has_opened_a_Nostro_account_in_India\"><\/span>Q.3 Is this the first time a Sri Lankan bank has opened a Nostro account in India? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A. Yes, this is the first time a Sri Lankan bank has opened a Nostro account in India.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q4_What_is_the_bilateral_Free_Trade_Agreement_FTA_between_India_and_Sri_Lanka\"><\/span>Q.4 What is the bilateral Free Trade Agreement (FTA) between India and Sri Lanka?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"> A. The bilateral Free Trade Agreement (FTA) between India and Sri Lanka came into effect in 2000 and has been beneficial for both countries in promoting trade and investment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q5_How_can_this_news_be_relevant_for_students_preparing_for_government_exams\"><\/span>Q.5 How can this news be relevant for students preparing for government exams? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A. Students preparing for government exams, especially those appearing for banking exams, should keep abreast of such developments to improve their chances of success.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Some_Important_Current_Affairs_Links\"><\/span>Some Important Current Affairs Links<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--1\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/national\/\" target=\"_blank\" rel=\"noreferrer noopener\">State Current Affairs<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--2\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/sports\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sports Current 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This move is expected to strengthen bilateral trade relations and increase banking services between&#8230;<\/p>\n","protected":false},"author":5,"featured_media":1744,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14,142,62],"tags":[1228,1223,1230,1231,1225,1224,1037,1229,1226,1227],"class_list":["post-1733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-business","category-maharashtra","tag-banking-services","tag-bilateral-trade-relations","tag-free-trade-agreement","tag-india-sri-lanka-relations","tag-indian-bank","tag-inr","tag-mumbai","tag-nostro-account","tag-seylan-bank","tag-sri-lanka"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts\/1733","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/comments?post=1733"}],"version-history":[{"count":0,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts\/1733\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/media\/1744"}],"wp:attachment":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/media?parent=1733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/categories?post=1733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/tags?post=1733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}