Business

RBI proposes forex form for retail participants

| | MUMBAI:

The RBI on Thursday proposed a scheme to encourage transparent and fair pricing in retail forex market by developing a foreign exchange platform for retail participants along the lines of the FX-Clear platform of Clearing Corporation of India Limited (CCIL).

As per the discussion paper floated in this regard, the retail market will have the same market hours as the interbank market (09:00 to 17:00 hrs). The minimum order size would be $1,000 and thereafter in multiples of $500. The maximum order size would be $500,000.

The foreign exchange market in India may be broadly divided into the interbank segment and the retail segment. The participants in the interbank segment are banks and transactions in this segment are conducted through trading platforms like FXT-D2 and FX-Clear.

Retail Customers with a need to buy/sell forex, currently do so over the phone with a bank. While proprietary electronic dealing platforms of individual banks and Multi-Bank Portals (MBPs) are also available, access to them is restricted to retail customers with a minimum order size.    

 
 
 
 
 

TOP STORIES

Sunday Edition

View All

Myanmar Army’s admission of killings a ‘positive step’: Suu

14 Jan 2018 | AFP | Yangon

Myanmar’s civilian leader Aung San Suu Kyi has welcomed an unprecedented army admission that security forces carried out extra-judicial killings of Rohingya Muslims as a “positive step”, state-backed media reported on Saturday. After months of staunch denials of abuse, the army on Wednesday said a probe found four members of the security forces helped kill 10 Rohingya militant suspects at Inn Din village on September 2, leaving their bodies in a...

Read More

STATE EDITIONS

View All

State in dilemma over SC orders on Padmaavat release

19 Jan 2018 | Staff Reporter | Bhopal

With the decision of the Supreme Court setting aside notification issued by the Madhya Pradesh Government banning the release of Hindi movie ‘Padmaavat’, the State Government is in dilemma.The Government does not know what to do in the new scenario...

Read More

Page generated in 0.2234 seconds.