An Indian spot currency trading platform

The RBI proposal is both noble and overdue, but it must avoid the creation of early monopolies or slicing and dicing the platform

On October 12, 2017, the Reserve Bank of India (RBI) issued a discussion paper that proposes to establish a spot currency trading platform and allow retail consumers access to it. Today, retail consumers are largely at the mercy of banks when dealing in foreign exchange. Banks often decide the buying and selling rates for foreign exchange at the opening of business hours and retain the same rate through the day. Resultantly, buyers and sellers of foreign exchange end up missing the benefits of intra-day price movements. Moreover, most banks do not transparently disclose their charges for currency dealings. Hence, allowing