Rbi Draft News Today

“To maintain credibility, the SRO-FT should operate independently, free from the influence of any single member or group of members,” RBI said.

The Reserve Bank of India (RBI) has come out with a set of new draft norms aimed to simplify and rationalise the authorisation of money changers for facilitating foreign exchange-related services. RBI Releases Draft to Simplify Licensing Norms For Money Changers For Facilitating Foreign Exchange-Related Services.

Issuing the rules the RBI said that the quantum of penal charges shall be proportional to the defaults/ non-compliance of material terms and conditions of loan contract beyond a threshold.