RBI urges banks to improve retail forex services
Reserve Bank of India Deputy Governor Rohit Jain urged lenders to establish clear policies for retail foreign exchange charges and timelines. He noted gaps in customer transactions and cross-border remittances during a recent review.
India's central bank urged domestic lenders to overhaul retail foreign exchange services after a recent review uncovered widespread pricing and compliance gaps. Reserve Bank of India Deputy Governor Rohit Jain outlined the findings in a speech released Wednesday following a policy review late last week. The initiative targets persistent delays in cross-border remittances and opaque fee structures that burden retail consumers.
