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Mumbai, July 17

The Reserve Bank of India will now allow Urban Co-operative Banks to act as agents or sub-agents under money transfer service schemes. Urban Co-operative Banks, who hold an authorised dealer licence (under category I and II), can act as agents or sub-agents for schemes which are in conformity with the guidelines issued by the foreign exchange department, said an RBI notification. Banks have been asked to strictly adhere to Anti Money Laundering and Know Your Customer stan dards. —

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