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Source :www.rbi.org.in Uploaded on RBI website : April 11, 2012
Friends,
Shri Harun R Khan, Deputy Governor, RBI has delievered a keynote address at the 7th Annual Conference of FEDAI at Zurich April 5, 2012. It includes the following key points -
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FEDAI to gradually assume the role of a full-fledged Self Regulatory Organisation (Para 9). [for information, SRO - a non government organisation, which has power to create and enforce industry regulations and standards]
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A group is formed by member banks of FEDAI and RBI to develop an e-learning module, which will help to improve the forex related customer service, reduce incidents of complaints and bring down the level of correspondence seeking clarifications (Para 10)
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FEDAI to frame a Citizen Charter in the area of forex business (Para 10)
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Offer derivative products to corporates, who understand the nature of inherent risk and have a well laid down Risk Management Policy. Also mandatory to offer a tool or a calculator so these corporates can mark to market derivative products on a continuous basis (Para 14)
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Banks to have a Board approved policy covering un-hedged forex exposure of all the clients including SMEs. Evaluate the risks arising out of un-hedged foreign currency exposure of the Corporates and price them in the credit risk premium (Para 15)
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RBI would consider relaxations relating to intra-day position limits in a calibrated manner so the bank can facilitate genuine hedging needs of customers (Para 16)
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Focus of regulator on capital account convertibility and facilitate greater use of Indian Rupee in the trade account (Para 25)
Link to view Speech Document : http://www.rbi.org.in/scripts/bs_viewspeeches.aspx
Niraj Bisht
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