- 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.
- 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).
- 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.