What is FEDAI?
by Rekha[ Edit ] 2010-02-25 16:21:41
FEDAI (Foreign Exchange Dealer's Association of India) was set up in 1958 as an Association of banks dealing in foreign exchange in India (typically called Authorised Dealers ADs) as a self regulatory body and is incorporated under Section 25 of The Companies Act, 1956. It's major activities include framing of rules governing the conduct of inter-bank foreign exchange business among banks vis-à-vis public and liaison with RBI for reforms and development of forex market.
Functions of FEDAI
* Guidelines and Rules for Forex Business.
* Training of Bank Personnel in the areas of Foreign Exchange Business.
* Accreditation of Forex Brokers
* Advising/Assisting member banks in settling issues/matters in their dealings.
* Represent member banks on Government/Reserve Bank of India/Other Bodies.
* Announcement of daily and periodical rates to member banks.
