Reserve Bank of India has provided the necessary permission to all the Urban Cooperative Banks (UCBs) in India to provide money or currency conversion services. This will help provide better facilities to the tourists who visit India and also the Indians who visit other countries. This will also help these banks increase their revenues as well as the money conversion service involves a charge or commission.
RBI in its official notifications mentioned that it will consider UCBs for authorization as the Authorized Dealer Category-I or Authorized Dealer Category – II. This will help to meet the eligibility norms required for providing the money changing services in India as per the rules and regulations.
The money conversion services provided by the UCBs will include conversion of money form Indian rupees to other foreign currencies and vice-e-versa. To get this service, the customer need to submit with the bank copy of valid passport, Visa document and confirmed tickets.