FEDAI

The Foreign Exchange Dealers' Association of India (FEDAI) was established in 1958 as a non-profit association of Authorised Dealer (AD) banks. It functions as a self-regulatory body under the approval of the Reserve Bank of India (RBI). FEDAI's primary mission is to frame rules governing the conduct of inter-bank foreign exchange business, liaise with the RBI on behalf of its members, and provide training and accreditation to bank personnel involved in foreign exchange. It plays a crucial role in the development and regulation of the Indian forex market by setting standards and guidelines for transactions.