RBI feels that oil firms seeking a single quote for their dollar requirement, instead of present practice of floating enquiring with several pubilc and private sector banks, would help check volatility and arrest the free-fall of the rupee.
"RBI letter (asking oil marketing companies to buy US currency from a single public sector bank) has come to the government.
"We are in correspondence with the oil companies to make sure they comply with the directive," Oil Secretary G C Chaturvedi told reporters in New Delhi.
The three big state oil firms need about $8 billion every month for import of crude oil and some petroleum products like liquefied petroleum gas.
Chaturvedi said RBI has asked only the state-owned oil marketing companies to buy half of their daily foreign exchange needs from a public sector banks and the rest could be sourced through competitive bids from public and private banks.
Private sector Reliance Industries and Essar Oil, who between them import over 40 per cent of crude oil shipped to India annually, will continue to buy dollars as per their company policies.
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