Jana Small Finance Bank Soars 12% After Receiving AD-I Licence from RBI
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In a significant development, Jana Small Finance Bank's shares surged 12% after receiving the AD-I licence from the Reserve Bank of India (RBI). The licence, granted under Section 10 of the Foreign Exchange Management Act (FEMA), enables the bank to act as an intermediary for foreign exchange transactions. This move is expected to boost the bank's foreign exchange business and increase its competitiveness in the market. With this licence, Jana Small Finance Bank can now provide a range of foreign exchange services, including currency exchange and remittances, to its customers. This development is a positive step for the bank's growth and expansion plans, and is likely to attract more investors and customers. Key terms: foreign exchange transactions, RBI licence, financial institutions
