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Correspondent Banking and NRI Accounts
What is correspondent banking's primary purpose?
Enables banks to serve foreign customers without physical branches through mutual account relationships.
Name the four types of foreign currency accounts in correspondent banking.
Nostro, Vostro, Loro, and Mirror accounts.
What does SWIFT stand for and what is its main function?
Society for Worldwide Interbank Financial Telecommunications; secure financial messaging network, not a settlement system.
Who owns SWIFT and where is it headquartered?
Member banks and financial institutions own it; headquartered in Brussels, Belgium.
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