DFCC Bank gets nod for enhanced forex biz

The Monetary Board has granted approval to the DFCC Bank to deal in businesses involving foreign exchange on similar lines to licensed commercial banks.

In a move that provides enhanced scope of foreign currency lending and fund raising activities, DFCC can from now on accept foreign currency deposits under NRFC and Resident Currency accounts and Special Foreign Investment Deposit; grant foreign currency loans to service exporters and invest in international sovereign bonds issued by the Government in years 2007 and 2009.

DFCC is the pioneering development finance institution in the country incorporated by an Act of Parliament and is a licensed specialised bank.