nostro account

/ ˈnɒstrəʊ /

noun

1. a bank account conducted by a British bank with a foreign bank, usually in the foreign currency Compare vostro account

Example Sentences

A letter on Aug. 3, 2016 from the RBI to bank executives warned of“a recent incident involving attempted unauthorized transfer of funds from the nostro account of a bank”.

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The RBI asked the top management of Indian banks to not only ensure that appropriate controls were in place, but also to reconcile their nostro account transactions – that is, to check that they matched their banks’ internal records.

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A letter on Aug. 3, 2016 from the RBI to bank executives warned of“a recent incident involving attempted unauthorized transfer of funds from the nostro account of a bank”.

Read more on Reuters

The RBI asked the top management of Indian banks to not only ensure that appropriate controls were in place, but also to reconcile their nostro account transactions – that is, to check that they matched their banks’ internal records.

Read more on Reuters