RBI issues a warning about illicit firms in the currency market

Mumbai: On Wednesday, the Reserve Bank of India (RBI) sent out a warning to Indian citizens about unapproved companies that purport to provide foreign currency (forex) trading services with enormous profits.

The Reserve Bank of India (RBI) has directed all banks to notify their clients and make reference to an alert list that includes the names of companies prohibited from engaging in foreign exchange transactions. According to an RBI probe, these organizations have resorted to hiring local agents who establish accounts at various bank branches in order to collect funds for margin, investments, fees, and other expenses in order to enable unlawful forex trading.