Question
Which banks have received Authorized Dealer Category-I
(AD-I) license from the Reserve Bank of India to deal in foreign exchange?Solution
AU Small Finance Bank has received permission from Reserve Bank of India to deal in foreign exchange. Reserve Bank of India has granted Licence to act as Authorized Dealer Category-I (AD-I) under section 10 of FEMA, 1999 to deal in foreign exchange. Equitas Small Finance Bank has also received Authorized Dealer Category-I (AD-I) License from RBI. Recently, RBI approved re-appointment of Sanjay Agarwal as managing director and CEO of AU Small Finance Bank for a period of three years. The re-appointment is valid with effect from April 19 till April 18, 2026 for a period of three years.
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