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India central bank proposes forex platform for retail customers

The Reserve Bank of India released Oct. 12 a discussion paper on developing an electronic foreign exchange platform for retail participants, where bids or offers from customers and banks can be matched anonymously.

This proposal will likely provide transparency while enhancing competition that will lead to better pricing for all customers, the central bank said.

The proposed platform will have the same market hours as the interbank market and customers can access the retail market platform through an authorized dealer bank. The minimum order size would be US$1,000 and the maximum order size will be US$500,000.