India cbank grants qualified central counterparty status to CCIL
MUMBAI Jan 1 (Reuters) - The Reserve Bank of India has granted qualified central counterparty status to Clearing Corp of India Ltd (CCIL) on Wednesday which will allow banks to eliminate various counterparty exposure risks.
While the CCIL was already guaranteeing transactions in government securities and collateralised borrowing and lending obligation (CBLO), from now on, it will also be able to guarantee the dollar/rupee trades, interest rate derivatives and forward rate agreements.
CCIL is the settlement platform authorised and supervised by the RBI and was accorded the qualified CCP licence following the rules consistent with the principles for financial market infrastructure. (Reporting by Suvashree Dey Choudhury; Editing by Anand Basu)