Multiple choice

Which of the following types of banks are allowed to operate foreign currency accounts?

  1. Foreign Banks
  2. Regional Rural Banks
  3. Nationalized Banks

  1. Only 1

  2. Only 2

  3. Only 3

  4. All 1, 2 and 3

  5. None of these
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Foreign banks and authorized nationalized banks are generally permitted to maintain foreign currency accounts (like FCNR or EEFC accounts) to facilitate international trade and remittances. Regional Rural Banks are primarily focused on local rural credit and do not typically handle foreign currency accounts.

Keep practicing — related questions