What are Loro Accounts?

The term LORO is used when the NOSTRO / VOSTRO account is referred to, by a bank
other than the account maintaining bank and the bank with which the account is
maintained. In other words, it is used when referring to third party accounts. Ex : If Bank of
India, Mumbai has an account with Citibank, New York denominated in US Dollars then
when Bank of Baroda has to refer to this account while corresponding with Citibank, it
would refer to it as LORO Account, meaning ‘their account with you’.