RBI Govn. Das urged banks to participate actively in FX Market

RBI Governor Shaktikanta Das urged banks to extend their involvement in the rupee futures market, both domestically and globally, while also ensuring that retail consumers are not disadvantaged in the foreign exchange market. He also urged banks to stop giving services to unauthorized trading platforms.

The participation of Indian banks in global markets is growing but it is quite still the same. Das stated “Domestic banks are dealing with market-makers in global markets rather than with end clients and are yet to emerge as market-makers of note globally,” Das said.

“Going forward, our focus should be on enhancing and widening the participation of Indian players in markets for INR derivatives, both domestically and offshore, while being prudent,” RBIs governor said. “Innovation has been sought to be promoted through a move towards principle-based regulation, widening of the participant base, introduction of new products and platforms as well as enabling access to offshore markets,” Mr. Das said.

He added that attempts are being made to use technology to satisfy the goals of market reforms and achieve more efficiency.

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