The Reserve Bank of India (RBI) has revised the guidelines for foreign exchange business and urged banks dealing with forex to set up a comprehensive risk management procedure, Business Standard reports. The procedure, covering both trading and non-trading activities, will help monitor risk taking activities. The banks have also been asked to set the limits for inter-bank business and transactions in overseas markets. The central bank has also advised Authorized Dealer banks to tape conversations in the dealing rooms and to separate their operations into dealing room, risk management, and settlement and reconciliation of accounts.

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