BBX awaits RBI nod for international operations launch
30 Nov 2009
According to a top company official, barter and exchange services provider BBX India is awaiting the Reserve Bank of India (RBI) approval to launch international trading operations in the country.
BBX's CEO Michael Touma told PTI today, that the company had already filed an application with RBI and is awaiting approval following which it can start trading internationally.
He added that they expected to receive the approval in the next six months.
BBX is listed on the Australian Stock Exchange and facilitates cashless business transactions.
The company started operations in November last year with the opening of an exchange in Delhi. The company later set up a franchisee in Kanpur.
It followed up with a franchisee in Mumbai recently under its plans to open 150 franchises in the next four months across the country.
Touma said at the moment the company's focus was India given its rapidly expanding economy and its vast potential.
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