Top 10 Foreign Exchange Companies in India | Manufacturers 2025

Top 10 Foreign Exchange Companies in India

India foreign exchange industry has grown prominently in recent years, with the nation becoming one of the major players in the global forex market. The India foreign exchange market growth can be attributed to several key players who have contributed to its development and expansion.

Market makers play a crucial role in facilitating currency trading by providing liquidity and ensuring smooth transactions. They are usually large financial institutions or banks that have the resources to buy and sell large quantities of currencies at any given time. In India, market makers have contributed significantly to the growth of the foreign exchange market by providing a reliable platform for currency trading. According to 6Wresearch, India Foreign Exchange Market size is projected to rise at a CAGR of 13% during 2025-2031.

List of Leading Companies in the India Foreign Exchange Market

1. State Bank of India (SBI)

State Bank of India, commonly known as SBI, is the largest bank in India and also a major player in the country's foreign exchange market. It offers various services related to foreign exchange such as outward remittance, currency hedging, trade finance, and more.

2. ICICI Bank

ICICI Bank is one of the leading private banks in India and has a strong presence in the foreign exchange market. It provides services like forex cards, travel insurance, and online outward remittance to its customers.

3. HDFC Bank

HDFC Bank is another major player in India's foreign exchange industry and offers a wide range of services such as foreign currency accounts, currency trading, remittance, and more.

4. Axis Bank

Axis Bank is one of the fastest-growing private banks in India and has a strong presence in the foreign exchange market. It provides services like foreign currency loans, trade finance, and inward remittance.

5. Punjab National Bank (PNB)

Punjab National Bank is the second-largest government-owned bank in India and has a significant presence in the foreign exchange market. It offers various services such as forex cards, inward remittance, and trade finance.

6. Indian Overseas Bank (IOB)

Indian Overseas Bank is a major public sector bank in India and has a strong presence in the foreign exchange market. It offers services like forex cards, outward remittance, and trade finance.

7. Bank of Baroda (BOB)

Bank of Baroda is another prominent government-owned bank in India with a significant presence in the foreign exchange market. It provides services like currency trading, outward remittance, and more.

8. Union Bank of India

Union Bank of India is a leading public sector bank in India and offers various foreign exchange services like trade finance, forex cards, and remittance.

9. Canara Bank

Canara Bank is one of the oldest banks in India and has a strong presence in the foreign exchange market. It offers services like currency trading, outward remittance, and more.

10. Central Bank of India

Central Bank of India is a major public sector bank in India and has been actively involved in the foreign exchange market for many years. It provides services like forex cards, trade finance, and more.

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