Current Affairs - Banking - Discussion

Discussion :: Banking - Latest Current Affairs (Q.No.220)


Reserve Bank of India has permitted Re-insurance and Composite Insurance brokers to open which account for undertaking transactions?

[A]. NRI Account
[B]. Foreign Currency Accounts
[C]. DEMAT Account
[D]. Recurring Deposit Account

Answer: Option B


The Reserve Bank of India sanctioned reinsurance brokers to initiate non-interest bearing foreign currency accounts with banks for undertaking transactions. The Insurance Regulatory and Development Authority of India (IRDA) had issued notification and following this the RBI declared Foreign Exchange Management (Foreign Currency Accounts by a resident person in India) Regulations, 2015 - Opening of Foreign Currency Accounts by Re-insurance and Composite Insurance brokers. Foreign currency account refers to a bank account operated in currency other than the currency of India or Bhutan or Nepal.

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