SBI launches internet-based foreign exchange platform

Banking major State Bank of India (SBI) on Friday launched internet-based foreign exchange transactions platform.

According to the public sector undertaking (PSU) bank, the "SBI eforex" enables customers to book their foreign exchange transactions online.

"The "SBI eforex" is an innovative platform incorporating robust security features and is designed to be user-friendly, fast and convenient," the bank said in a statement.

"It is a highly flexible product, offering the facility to customise and set their own limits for deal size, daily transaction limits etc. Details of all deals done are made available to the users on a realtime basis," the statement said.

SBI has a very significant presence in India's foreign exchange markets. The "SBI e-forex" is the bank's second forex technology initiative in the last two months.

The bank earlier launched SBI "Fx Out" which enabled customer to send foreign currency remittances from any its branches in India.