Mumbai: The Reserve Bank on Wednesday said the Urban Cooperative Banks (UCBs) would henceforth be eligible to act as full-fledged money changers. In a notification, the apex bank said that UCBs "would be considered for authorisation as Authorised Dealer Category-I/ Authorised Dealer Category-II" as they fulfil eligibility norms with regard to money changing. Authorised banks and Full Fledged Money Changers are allowed to provide facility for reconversion of Indian Rupees to the extent of Rs 50,000 to foreign tourists on receipt of valid passport and VISA, ticket confirmed for departure within 7 days and original ATM slip.
Zee News
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