India's forex, money markets have doubled in last 4 years: RBI Governor

The RBI has recently announced that access to FX Retail will also be provided through the Bharat Connect platform

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India's financial markets have developed into a dynamic and resilient force to fuel economic growth with an almost doubling of the foreign exchange market from $32 billion in 2020 to $60 billion in 2024 and the average daily volumes in the overnight money markets surging from about Rs 3 lakh crore to over Rs 5.4 lakh in this four-year period, according to RBI Governor Sanjay Malhotra.

There has also been a 40 per cent surge in average daily volumes in the government securities (G-secs) markets to Rs 66,000 crore over the same period.

Addressing the 24th FIM-MDA-PDAI annual conference in Bali this weekend, Malhotra said the levels of transparency in Indian markets are at par with the best in the world.

"With recent regulatory reforms, we have seen greater product and participant diversity, and the onshore and offshore markets have become tightly integrated," he pointed out.