Nostro accounts are often used to simplify trade and foreign exchange transactions. When a bank needs to make a payment in a country where it doesn’t hold a Nostro account, it can use a bank with which it has a correspondent relationship to make the payment on its behalf. It’s also known as a Bank Identifier Code (BIC).But this is not the end of it, for there is virtual barrage of acronyms being thrown at me — LoU, FB, NFB and a zillion more which directed me towards investopedia, a website that focuses on investing education and financial news. Truth, it is said, has a mind of its own, and it always manages to emerge from the cracks, and be heard.But that is now past, for, raised on Mario Puzo’s Godfather and having watched the tripler based on his epic innumerable times, today I am faced with a new reality: Nostro.

He set up the "commission", which included bosses from seven families, to Wheel Hub 513365 rule all La غير مجاز مي باشدa Nostra activities. Aforensic audit conducted by Ernst and Young after some of these aberrations came to light proved conclusively that not only were there major lacunae in the system, rogue employees were constantly compromised and involved in trickery, deception anddefalcation. Confusion confounded? Yes, I know the feeling.Then there is CBS, no, not the American telly network famous for its iconic 60 Minutes show, but "core banking software" and SWIFT, again not the bestselling Maruti Suzuki hatchback which has recently been given a facelift. PNB also had exposure in two other massive fiddles — Winsome Diamonds and Shree Ganesh Jewellers. This refers to an account a bank holds in a foreign currency in another bank. A Nostro account is the record of the bank whose money is at another bank.There is learning from every scam, but never in the past have there been so many abbreviations to deal with.

Its non-fund based exposure to the same sector was another Rs 430 crores. It chose not to learn from these fias. These accounts are an essential aspect of correspondent banking, where the bank holding the funds acts ascustodian for or manages the account of a foreign counterpart. More than that, its echoes are inherent in the questions that people ask and they always reverberate loudly. As on March 31, 2017, the total fund-based exposure to the gems and jewellery sector was Rs 2,360 crores.All this brings me to the cult song Spinning Wheel, by Blood, Sweat and Tears 1968:What goes up must come down/ Spinnin’ wheel got to go ’round/ Talkin’ ’bout your troubles it’s a cryin’ sin/ Ride a painted pony let the spinnin’ wheel spin/ You got no money and you got no home/ Spinnin’ wheel all alone/Talkin’ ’bout your troubles and you, you never learn/ Ride a painted pony let the spinnin’ wheel turn.

Did you find the directing sign on the/ Straight and narrow highway/ Would you mind a reflecting sign/ Just let it shine within your mind/ And show you the colors that are real/ Someone is waiting just for you/ Spinnin’ wheel. FB is not Facebook, it is "fund based", while NFB is "non-fund based".Many years ago, at the height of the Ketan Parekh scam, at a news meeting of a very large national daily, I had a tough time explaining P Notes and their devious utility in stock market transactions — the general sense being how was a promissory note involved in the equity market, till I explained that a P Note was not a promissory note but a Participatory Note, which helps mask the identity of the actual investor as he uses the sub-account of an FII to invest in capital markets.