RBI Mandates Reporting of Global INR Derivative Deals by 2028

Circular No. RBI/2026-27/38 A.P. (DIR Series) Circular No. 08 dated 27.04.2026

The Reserve Bank of India (RBI) has mandated Authorised Dealer (AD) Category-I banks to report all INR-based over-the-counter (OTC) derivative transactions to the Clearing Corporation of India Ltd. (CCIL) to enhance market transparency and oversight.

1. Scope of Reporting

Covers:

• All INR-based OTC derivative deals
• Transactions undertaken:

1. 1. Domestically, and
   2. Abroad by group entities of AD banks

• Includes both:

1. 1. Deliverable contracts
   2. Non-deliverable contracts

2. Exemption for Small Transactions

• Transactions with value Up to USD 1 million
• Are exempt from reporting requirements

3. Reporting Timeline

Banks must:

• Submit key transaction details within 2 working days
• From the date of the transaction

4. Phased Implementation

The reporting framework will be:

• Implemented in phases
• Fully operational by 2028

5. Objective of the Framework

The mandate aims to:

• Improve transparency in OTC derivatives market
• Enable better risk monitoring and data aggregation
• Strengthen regulatory oversight and financial stability

6. Conclusion

This initiative marks a significant step towards centralised reporting and enhanced supervision of INR-based derivatives, ensuring a more transparent and resilient financial market ecosystem.

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