RBI Governor asks CCIL to create infra for currency trades beyond USD-INR
Given the broader objective of internationalisation of rupee (INR), RBI Governor Sanjay Malhotra has asked Clearing Corporation of India (CCIL) to create infrastructure to facilitate trading and settlement services of currency pairs beyond USD-INR. He also asked CCIL to enhance its retail investors-focused offerings on the forex and government securities front.
For the past few years, internationalisation of the rupee has been a concerted policy agenda and the country has signed up agreements with a few countries to settle bilateral trade in local currencies. Further, he urged the CCIL to continuously explore and enhance its product and service offerings on the Forex Retail and the RBI Retail Direct, which will ensure a seamless customer experience and robust system capabilities. He noted that there are 3 lakh retail investors enlisted with the g-sec trading platform.
He has highlighted that India is the only major economy where government securities and repo transactions are traded on an anonymous electronic trading platform with near real-time dissemination of trade information and are settled efficiently through a central counterparty. Stating that the CCIL is a risk management company and a tech company rolled into one, he has asked CCIL to embrace innovation and leverage emerging technologies to increase efficiency, scalability, performance, security and reduce costs.
