RBI tells banks to use CCIL, end ₹1.50-₹2 dollar markups
Business
If you've ever felt annoyed by high charges when sending money abroad or exchanging dollars, the RBI is stepping in.
Banks are now being told to use a dedicated platform (CCIL) that lets regular people and small businesses trade USD/INR at real-time interbank rates: no more extra markups of ₹1.50 to ₹2 per dollar.
RBI orders quarterly reports, requests disclosures
To keep things honest, banks have to file quarterly reports showing how many customers are using this platform and the value of transactions.
With rising demand for travel, education, and remittances, the RBI wants banks to clearly disclose all foreign exchange charges, so you know exactly what you're paying for.