Banking Term of the day : Loro Accounts

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Banking Term of the day

Banking Awareness is considered to be the high scoring section in any competitive exam. In this article, we will discuss on important Banking Awareness topic “Escrow Accounts that are covered in almost all competitive exams. Also, you can download the PDF of lists of different Banking Awareness topics.

In Banking Section, the questions are asked from following topics: History of Banking, banking terms, Marketing of Banking Products, Functions of Banks, Banks and their taglines, schemes, committees related to banking, headquarters of bank, some Banking news related, apps launched by banks, new schemes etc. 

In a series of sharing useful study material for upcoming banking exams. Here, we are providing Banking Term of the day for all banking Exams (IBPS, SBI & Other Banking Exams).


Loro Accounts


When a bank remits its foreign currency fund to a foreign bank for credit to an account of a third bank it is called a Loro account. It means Their money.

Loro accounts are generally held by a 3rd party bank, other than the account maintaining bank or with whom account is maintained.
For example, BOI wants to transact with HSBC, but doesn’t have any account, while SBI maintains an account with HSBC in U.K. Then BOI could use SBI account. (again may be).

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