31.9 C
Tuesday, July 7, 2020

RBI allows banks to trade in forex outside market hours

- Advertisement -

Ministry to form oversight mechanism for NBFC asset buy schemeNew Delhi, Jan 7 (IANS) The Reserve Bank of India (RBI) on Monday said it has permitted category-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.

Dealers hailed the move as a step in the right direction to help traders hedge their bets on the domestic front.

“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,” the RBI said in a release.

The central bank said the decision came as it accepted the recommendation of the task force on the offshore rupee market.

Follow Us For Latest Updates -

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Related News


Please enter your comment!
Please enter your name here

Trending Topics

Covid 19 India Updates

World Bank signed $750 million agreement with India to support MSMEs

The Finance Ministry stated that the central government and World bank has signed an agreement worth $750million to boost MSME(Micro, Small and medium enterprises)...

Trending Right Now

Instagram looks set to expand TikTok rival ‘Reels’ to India

New Delhi  (IANS) Facebook-owned Instagram is planning to expand its new video-music remix feature Reels which offer TikTok-like functionalities to more countries and India...