
- This licence will enable these banks to offer foreign exchange facilities to non-resident Indians (NRIs) and ease their banking transactions.
- An Authorised Dealer (AD) category-I licence is a licence granted by the Reserve Bank of India (RBI) to banks that allows them to buy and sell foreign exchange for specified purposes like: foreign travel, education abroad, remittances, trade transactions, foreign investments, and other current account transactions.
- The RBI has recently announced that all scheduled small finance banks (SFBs) will be eligible for AD category-I licence after completion of at least two years of operations as AD category-II3. This will give more flexibility to SFBs to meet their customers’ foreign exchange business requirement.
Question:
a. Ujjivan SFB and Jana SFB
b. AU SFB and Equitas SFB
c. Capital SFB and Fincare SFB
d. ESAF SFB and Utkarsh SFB