RBI blames banks for sluggish implementation of FX-Retail platform

Has only 1,100 customers and a volume of less than $1 million a day; RBI wants banks to implement the service by March

Since its launch in August, the FX-Retail platform, which allows a bank customer to buy foreign exchange almost at par with interbank rates, has managed to onboard only 1,100 customers and a volume of less than $1 million a day, as banks are not yet ready with the processes to offer their customers the required services.

Concerned that banks are going slow deliberately, the Reserve Bank of India (RBI) is telling them to get it up and running, latest by March, though this is not a deadline, but more like a persuasion. 

“Offering such a service is not in the banks’ best