 "SMEs, banks, foreign exchange, markets, forex, small and medium price industries,")
Banks are not providing adequate foreign exchange at market rates to small firms, despite being reprimanded by the Reserve Bank of India (RBI).
The situation is somewhat better with public sector (PSU) banks. But private and foreign banks are charging their small and medium enterprise (SME) customers exorbitant rates, with no scope of negotiation, said several SMEs and currency consultants. Executives at the SMEs didn’t want to get identified as they are heavily dependent on banks for financial needs.
SMEs at large do not understand foreign exchange and the concept of hedging, which banks often take advantage of.
In April 2015, the RBI’s
