For Ritesh Kumar Singh, founder of research and advisory firm Indonomics Consulting Pvt Ltd, getting paid by his clients—most of which are based abroad—comes with an associated heartache. For every overseas payment that comes in, bank margins on the foreign exchange (forex) prices result in him losing about 2-3% of his income.

In August last year, the Reserve Bank of India (RBI), the country’s central bank, presented a solution for small business owners like Singh. It launched FX-Retail, a retail forex trading platform that anyone—from individuals to small businesses and payment banks—could log on to and book a forex price at or near market rates.

AUTHOR

Shreedhar Manek

Based in Bangalore, Shreedhar is a Staff Writer for The Ken. He writes on technology, education, human resources and urban mobility. He has a BTech in Computer Science and an MS in Urban Sociology from IIIT Hyderabad.

View Full Profile

Sign up to our India edition to read this story instantly

To sign up, you’ll create an account that will give you access to a new free story published once a week and archive of 214+ previously published free stories from our India edition. You’ll also receive one email every morning from us introducing the day’s story.

If you’ve already signed up, just enter your email below or login using Facebook or Google.