IFSC banking units get RBI boost

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In a step to boost activity in international financial services centres (IFSCs), the Reserve Bank of India has allowed IFSC banking units (IBUs) to engage in derivative transactions. 

An IBU can become a member of the exchange in an IFSC to trade in interest rate and currency derivatives.

IBUs may carry out derivative transactions, including structured products that the banks operating in India have been allowed to undertake. However, they shall obtain RBI’s prior approval for offering any other derivative products, RBI said in a notification on Monday.
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