Worrisome to see no transparency in forex fees for small players: RBI's Rao

Foreign Exchange Dealers' Association should take lead in safeguarding customers against fraud platforms: Deputy Governor

The Reserve Bank of India has often been informed of banks levying high charges on the MSME and retail segments for foreign exchange transactions and it is worrisome that there is no transparency in pricing for smaller customers, said Deputy Governor M. Rajeshwar Rao.

“While large corporates are able to enjoy the benefits of tighter pricing warranted by the liquidity in our markets, charges recovered from smaller customers do not appear to be justified by higher cost of processing / warehousing small ticket transactions,” Rao said at 17th FEDAI (Foreign Exchange Dealers’ Association of India) Annual Conference in Cairo, Egypt,