The IFSC Banking Units (IBUs) are allowed to open which of the following types of bank accounts?
The IFSC Banking Units (IBUs) are allowed to open which of the following types of bank accounts?
[A]Savings accounts
[B]Current accounts
[C]Foreign currency current accounts
[D]All the above
Foreign currency current accounts
Recently, the Reserve Bank has relaxed norms for the units of banks operating from International Financial Services Centres (IFSC) and permitted them to open foreign currency current accounts. As per the existing norms, IFSC Banking Units (IBUs) were not allowed to open any current or savings accounts. They cannot issue bearer instruments or cheques. All payment transactions must be undertaken via bank transfers.
