Overview

• Governor Sanjay Malhotra asked CCIL to explore trading and settlement infrastructure for currency pairs other than USD–INR at the corporation’s 25th anniversary event in Mumbai.
• He pressed CCIL to strengthen Forex Retail and RBI Retail Direct so retail users get a seamless experience supported by robust system capacity.
• Malhotra detailed CCIL’s footprint, citing clearance of all government securities and repos, 99% of FX forwards, 88% of MIBOR‑based OIS, about 50% of modified MIFOR OIS, and more than half of FX spot.
• He urged adoption of innovations including algorithmic and AI/ML‑driven trading, mobile apps, real‑time news integration, decentralised peer‑to‑peer platforms, and tokenisation of assets.
• He said deeper liquidity requires broader participation by corporates, non‑resident investors and others, noting roughly 300,000 retail accounts on the g‑sec platform and India’s unique anonymous electronic market structure for g‑secs and repos.