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RBI has given approval to eight banks to float deposit-based forex products for resident Indians under the $25,000 scheme. However, RBI has not given permisssion for mutual fund-based forex products.
HSBC, Standard Chartered Bank, Citibank, State Bank of India, ICICI Bank, Bank of India ABN Amro Bank and UCO Bank are the banks to get the RBI approval. Bank of Baroda is awaiting for the RBI approval.
To safeguard the interest of investors, Banks have to clearly spell out the risks related to foreign exchange investments. Banks also need to specify customer care centre numbers. Banks can invest only in banking entities which are properly regulated by supervisory authority in the host country.
To ensure transparency of funds flowing out of the country, banks will have to specify the domicile in terms of where the funds will be invested, identity of the primary bank supervisory authority responsible for the supervision of the bank’s head office as well as the long-term rating given by an internationally acceptable rating agency.
RBI has decided to permit only licensed banking companies to solicit forex deposits from Indian residents, as it is not comfortable with foreign entities not having operational presence in India, soliciting foreign currency deposits.
.... Daily Forex and Lending rates
.... Exclusive Section on ECB
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