INR correspondent banking: who clears the INR

Tracing a INR chain

Each instruction names the institution holding that bank's INR account. Following those links repeatedly ends at a bank that publishes no onward INR instruction — the ultimate clearer, with direct access to clearing. That is where the money actually settles before moving inwards to the beneficiary.

Who clears INR payments?

INR settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a INR payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 176 distinct institutions act as INR correspondents.

How concentrated is INR clearing?

The three largest INR correspondents between them serve about 28% of the banks that publish a INR instruction. Concentration matters because the withdrawal of one correspondent can affect a large number of respondent banks at once.

How do I find a bank's INR correspondent?

Search the bank's BIC, select INR, and the chain resolves hop by hop to the institution that clears the currency, including the nostro account number on each relationship.