Which bank received approval and Authorised Dealer Category 1 license from the RBI to provide a wide range of foreign exchange services in October 2024?

Correct option is D

The correct answer is (d) Ujjivan Small Finance Bank

Explanation:

• In October 2024, Ujjivan Small Finance Bank (USFB) received approval from the Reserve Bank of India (RBI) to operate as an Authorised Dealer (AD) Category-I under Section 10(1) of the Foreign Exchange Management Act (FEMA), 1999.
• This license enables USFB to offer a comprehensive range of foreign exchange services, including remittances, international banking services, and foreign currency transactions for customers. ​

Information Booster:

Authorised Dealer Category-I License:

• Allows banks to deal in all types of foreign exchange transactions.
• Enables offering services such as currency exchange, remittances, forex cards, and cross-border trade services.​
• Facilitates import and export credit solutions like export finance, trade receivables discounting, buyer's credit, supplier's credit, and non-fund-based products like letters of credit and bank guarantees.​