RBI Governor Sanjay Malhotra has underlined the larger goal of internationalizing the rupee. He was addressing the 25th anniversary event of the Clearing Corporation of India in Mumbai yesterday.

He suggested that CCIL should work towards building infrastructure to enable trading and settlement in currency pairs beyond the USD and the domestic currency, and also urged the entity to strengthen its offerings for retail investors in the areas of foreign exchange and government securities.

The Governor observed that India is the only major economy where government securities and repository transactions are conducted on an anonymous electronic platform, with trade information disseminated almost in real time and settlements handled efficiently through a central counterparty.  

He pointed out that the country’s trade repository had been created even before the G20 came out with its recommendations on reporting over-the-counter derivative trades.