RBI wants to delicense money changers

INDIA - In tune with the financial sector liberalisation, the Reserve Bank of India (RBI) wants to delicense the money changers. It plans to get out of the business and wants the money changers to work as agents of public sector banks.

G Munippan, deputy governor of the RBI, on Saturday, floated the idea to the public sector bankers that money changers can work as agents of the state-run banks. However, there were no takers for the idea as the public sector banks do not find the money changing