The platform aims at improving transparency and pricing of forex for retail customers. “Such a mechanism will provide transparency while enhancing competition and lead to better pricing for retail customers. Banks may charge their retail customers a pre-agreed flat fee towards administrative expenses, which should be publicly declared. The trading platformAt present, retail users who need foreign exchange need to either go to their bank or to a currency dealer to get foreign currency. Sudarshan Motwani, founder and chief executive officer, BookMyForex.com, a foreign exchange marketplace, said that the new system could bring transparency to the retail forex market.

Source: Mint June 30, 2019 08:15 UTC