The Reserve Bank of India is pushing banks to offer better foreign exchange rates for individuals and small businesses. A new platform allows direct trading at inter-bank rates, aiming to eliminate the higher mark-ups previously charged. This move seeks to bring transparency and fairness to forex transactions, ensuring smaller customers get deals comparable to larger corporations. The RBI will now monitor bank performance on this initiative quarterly.
The Reserve Bank of India is urging banks to provide improved foreign exchange rates to individuals and small businesses. A new direct trading platform will allow access to inter-bank rates, reducing previously high mark-ups. This initiative aims to enhance transparency and…
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