Opening Bank

Opening Bank

A bank which establishes a letter of credit.

Issuing Bank

A bank that writes a letter of credit, especially on behalf of an exporter. The issuing bank operates in the country of the importer, and facilitates trade between the importer and exporter by providing credit for the transaction. It is also called an opening bank.
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DFA said the workers started opening bank accounts at the Bank of China and Standard Chartered Bank in October 2018.
The finance ministry has recognized Aadhaar number issued by the Unique Identification Authority of India (UIDAI) as an officially valid document to satisfy the KYC norms for opening bank accounts, the Planning Commission said in a statement on Tuesday.