Reserve Bank of India has said that overseas money transfer agents cannot enter into any exclusive arrangement with Indian entities for transfer of funds into the country. A notification said that exclusivity arrangements limit competition, distort pricing and thereby act as a deterrent to a payment system from achieving the desired goal of efficiency, affordability and beingubiquitous.The RBI was responding to the request of authorised overseas money transfer agents that were keen to enter into an exclusive arrangement with Indian agents and also sub-agentsfor cross-border transfer of funds on their behalf.The exclusivity arrangement, it said, would have prohibited Indian agents and sub-agents from undertaking similar services on behalf of other overseas money transferagents. However, it added, the agents appointed by overseas entities can enter into exclusivity arrangements with mutual consent of entities that are not regulated by the centralbank. It further added that all new agreements and those which are coming up for renewal will not have any exclusivity clause.