FX Retail

Features:

• RBI vide circular dated 20/06/2019, Intimated  banks about roll out  of CCIL’s “ FX-Retail” an online trading platform for foreign exchange for customers of the Banks.
• The platform was rolled out on 05/08/2019.
• It offers the opportunities of transparent and competitive pricing on real time basis with direct access of currency rates for customers.
• Bank of Maharashtra is offering the facility of onboarding  on FX Retail platform  through all category (B) branches.
• No charges are levied by Bank of Maharashtra for this on boarding  facility and  other applicable charges/ arbitrage is displayed on platform while transacting .
• CCIL notifies its charges at https://www.ccilindia.com/AboutUs/Documents/Schedule of Fees and Charges.pdf

Features of FX-retail:

• Anonymous multi-user matching system with view rights of CCIL’s USDINR interbank rate.
• Anywhere authorized access to web based system.
• Customers can buy or sell USD against INR for today, tomorrow and day after tomorrow delivery.
• Total amount of transactions is subject to limit (amount, type and tenure) assigned by the banks.
• Net rate with breakup would be provided to customer after factoring exchange margin and swap cost from near interbank rates.
• Transaction wise audit trail is available to the customer.

Registration process:

• Customers need to apply with required details at https://www.fxretail.co.in by selecting Bank of Maharashtra as relationship bank, customers’ category (B) branch as trading branch and customers’ home branch.
• Customer to submit signed printout of above application together with application (to be collected from branch).
• After successful activation customer can login at FX-Retail website through email/mobile number and obtained password (forgot password link).

Dealing process:

• Before anything, we advise customer to go through FX-Retail manual available through question mark icon in top right main window of platform after login.
• Customer after receiving go ahead (compliant documentation of a given transaction) from category (B) branch can book rate as per steps indicated in above manual. Customer to forward deal ticket (available in trades window) of FX-Retail to category (B) branch.