Banks Set To Begin Dollar Clearing In India

Armed with the approval of the US Federal Reserve, domestic banks are set to kick off clearing of all inter-bank dollar transactions on Indian shores in the first week of November.

The Clearing Corporation of India Ltd (CCIL) will be the nodal agency for clearing all inter-bank dollar transactions.

CCIL chairman R H Patil said clearing of the first lot of dollar transactions is expected to take place on November 6.