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Agencies RBI Governor Sanjay Malhotra
Mumbai: Reserve Bank of India Governor Sanjay Malhotra on Friday urged Clearing Corporation of India (CCIL) to enhance its product offerings keeping in mind the broader objective of rupee internationalisation. “As the market evolves, CCIL must keep abreast with its facilities and products. For example, given the broader objective of internationalisation of INR, CCIL could explore the possibility of putting in place the necessary infrastructure to facilitate trade and settlement services for currency pairs beyond the USD/INR,” Malhotra said while speaking at CCIL’s 25th anniversary celebrations.Malhotra said that while CCIL has evolved into a centralised data repository for an expanding suite of financial products, it needs to be further strengthened by leveraging the latest technologies to automate processes for trade reporting, validations, anomaly detection and compliance checks.In addition, the platform also needs to expand the reach of its products to wider market participants such as corporates, non-resident investors as it would enhance the available market liquidity.”As new interest rate derivative products are introduced, CCIL could meet and even anticipate market demand and put in place the necessary infrastructure for the larger suite of products,” he said.Live EventsIn 2019, CCIL launched FX-retail platform, an electronic trading platform for foreign exchange.Malhotra said that platform is seeing traction with average trading volumes of around $95 million currently, though there is scope for improving the accessibility for individuals and MSMEs.”The banks, we have been mentioning that they need to onboard their customers to this portal. CCIL has now tied up with Bharat Connect to improve accessibility and consumer experience, starting with a pilot with a few banks and I understand it is now working on a mobile portal for this. This is an area in which more work needs to be done,” he said.Add as a Reliable and Trusted News Source Add Now!
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(You can now subscribe to our Economic Times WhatsApp channel)Read More News onRBI Governorrupee internationalisationmarket liquidityClearing Corporation of IndiaInterest rateBankCurrencyCCIL anniversary celebrationstrade settlement servicescurrency pairs(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless
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