State Bank of India launches Online Forex Platform

Country's largest lender State Bank of India said on Friday it has launched SBI eforex, an Internet- based platform that enables customers to book their foreign exchange transactions online.

The customers will be able to obtain forex rates without having to visit the branch, the bank said in a statement.

The SBI eforex is an innovative platform incorporating robust security features and is designed to be user-friendly, fast and convenient, it said. It is a highly flexible product offering the facility to the customers to customise and set their own limits for deal size, daily transaction limits.

Details of all deals done are made available to the users on a real-time basis, it said. This is SBI's second forex technology initiative, having launched SBI Fx Out, which enables customers to send foreign currency remittances from any its branches in India.