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Our Bureau

Mumbai, March 6

Urban co-operative banks, regional rural banks and select full fledged money changers would now be allowed to release or remit foreign exchange for a wide range of non-trade related current account transactions, said the Reserve Bank of India in a press release today.

As of now individuals can access foreign exchange only through authorised dealers. Called category II authorised dealers, UCBs, RRBs and money changers would now be able to disburse foreign exchange for purposes such as, private visits, business travel, fee for participation in global conferences and specialised training, and others.

"With the decision to widen and rationalise the intermediate tier of authorised persons licensed to undertake foreign exchange transactions, the RBI intends to make foreign exchange easily accessible to common persons and hopes that competition would lead to better customer service," said the release.

More Stories on : Co-operatives | Regional Rural Banks | Forex | RBI & Other Central Banks

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