04-06-2023 11:08 AM | Source: Reuters
India central bank permits banks to offer non-deliverable fx derivatives to resident users
The Reserve Bank of India said it is proposing to permit banks with IFSC banking units to offer non-deliverable forex derivative contracts involving the Indian rupee to resident users in the onshore market.
IFSC Banking Unit or an "IBU" is a bank permitted by the Reserve Bank of India to operate from an International Financial Services Centre (IFSC).
IFSC banking units were earlier permitted to transact in rupee NDF forex derivatives contracts with non-residents and with other eligible banks.
This measure will further deepen the FX market in India and provide enhanced flexibility to residents in meeting their hedging requirements, RBI governor Shaktikanta Das said in his policy speech.
Latest News
Evening Roundup : A Daily Report on Bullion Energy &...
`Just married` Arti Singh offers a peek into her 'pe...
India's Kajaria Ceramics posts surprise Q4 profit dr...
Government launches Meditech Stackathon to give big ...
`Pani bhut pina chahiye ` PM Modi gets candid with m...
Centre to hold meeting with states to formulate Mini...
Deshmukh family casts vote in Maharashtra?s Latur
ICMAI launches Cost and Management Accounting Super ...
Adani Group chairman Gautam Adani casts his vote | L...
Bollywood and television divas set ramp on fire at B...