{
  "id": 2149827,
  "title": "Indian central bank deputy urges banks to improve retail foreign exchange services",
  "url": "https://urgent.news/2026/08/20/indian-central-bank-deputy-urges-banks-to-improve-retail-foreign",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-20T13:52:11.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40435771/indian-central-bank-deputy-urges-banks-to-improve-retail-foreign-exchange-services"
  },
  "original_language": "en",
  "account": "Mumbai: Rohit Jain, the Deputy Governor of India's central bank, cautioned commercial banks to enhance their retail foreign exchange services. In a speech released by the Reserve Bank of India on Wednesday, Jain highlighted a discrepancy between the regulatory goals and the present market practices. The RBI's recent assessment of India's forex market uncovered several shortcomings in banks' policies concerning customer transactions, fees, and necessary documents for outbound transfers, Jain stated.\n\nJain pointed out instances of excessive documentation demands and delays in handling cross-border remittances. The central bank has given banks the authority to draft explicit guidelines on documentation charges, execution timelines, escalation procedures, and grievance handling mechanisms. Jain also reported that the average daily turnover in India's foreign exchange market, encompassing both spot and derivatives trades, has surged to $80 billion. Meanwhile, the daily turnover in the Non-Resident Rupee (NDF) market amounts to around $7 billion.\n\nLooking forward, Jain emphasized that expanding the market-maker network, increasing involvement from public sector banks, and promoting electronic platforms are crucial priorities to be addressed.",
  "summary": "MUMBAI: Indian lenders’ retail foreign exchange pricing shows a gap between regulatory intent and market outcome and banks should put in place clear policies governing charges and timelines, central bank Deputy Governor Rohit Jain said. Jain made the comments in a speech last Friday that was released by the Reserve Bank of India on Wednesday, covering the current state of India’s foreign exchange…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}