Economy
Forex Markets Shift Toward Delegation, Digital Workflows and Local-Currency Trade
A Reserve Bank deputy governor outlined four priorities for making India’s foreign-exchange market more customer-focused and technology-driven.
What happened
In an August 14 keynote, Deputy Governor Rohit Jain identified delegation, customer-centric processes, local-currency trade and technology as the four forces shaping India’s forex market. He cited turnover of about $80 billion a day and reserves of $691 billion.
Why it matters
The direction could reduce routine approvals, improve access to competitive pricing and expand rupee-based settlement. Banks will need clearer internal policies, stronger customer processes and greater digitalisation, while containing leveraged speculation and opaque conduct.
Source: RBI Speeches