RBI Permits AD Cat-I Banks To Voluntarily Undertake User And Inter-Bank Transactions Beyond Onshore Market Hours

RBI Permits AD Cat-I Banks To Voluntarily Undertake User And Inter-Bank Transactions Beyond Onshore Market Hours

Jan 06, 2020 12:01 IST capital market

The Reserve Bank Of India (RBI) noted in a latest release that as announced in the Statement of Developmental and Regulatory Policies dated October 04, 2019 it has been decided to accept the recommendation of the Task Force on Offshore Rupee Market to permit AD Cat-I banks to offer foreign exchange prices to users at all times, out of their Indian books, either by a domestic sales team or through their overseas branches. Accordingly, the central bank stated that Authorised dealers may undertake customer (persons resident in India and persons resident outside India) and inter-bank transactions beyond onshore market hours. Transactions with persons resident outside India, through their foreign branches and subsidiaries may also be undertaken beyond onshore market hours.

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