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

Includes both:

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.