NEWS & ADVICE : FIXED DEPOSITS
RBI order banks to close customers’ accounts using cards for Forex trading
By Neelima Shankar
Sep 19, 2013
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On Tuesday, RBI has sent a directive to all the banks for closing the customers’ accounts that are using debit or credit card for the purpose of making transactions in online Forex trading, which are completely prohibited.

Through this notification RBI has categorically mentioned that whenever any bank finds this kind of online transaction done by any of its customer then it should immediately close the account or card of that customer.

If it is found that in case any bank fails to adhere to this notification as outlined by the RBI, then the RBI might take punitive measures against the faltering Bank. Some customers of various banks are found to be engaged in online Forex trading through the websites or portals offering such types of schemes while remitting the funds from the accounts of these banks utilizing credit cards or other channels of electronic type to overseas entities or websites as observed by central bank. Later refunds of cash are obtained from these overseas entities into their bank or credit card accounts.


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