Overview

• At CCIL’s 25th‑anniversary event in Mumbai on September 19, RBI Governor Sanjay Malhotra urged the clearing house to enable trading and settlement for currency pairs beyond USD–INR to advance rupee internationalisation.
• Malhotra pressed for algorithms, AI/ML‑driven trading, mobile apps, and real‑time news integration, while flagging trends such as tokenisation and decentralised peer‑to‑peer platforms.
• He called for broader participation by corporates, non‑resident investors, and retail users, with enhancements to Forex Retail and RBI Retail Direct; about 300,000 retail investors are enrolled on the g‑sec platform.
• The governor said CCIL’s trade repository now includes offshore banks and related entities of Indian market makers, urging automation of reporting, validations, anomaly detection, and compliance checks.
• He noted CCIL clears all government securities and repos, 99% of FX forwards, 88% of MIBOR‑based OIS, 50% of modified MIFOR‑based OIS, and over half of FX spot, framing the remarks as guidance rather than immediate rule changes.