RBI ends fax reporting for call/notice money deals on NDS
No longer current — replaced by Master Direction - RBI (Call, Notice & Term Money Markets) Directions, 2021
Source: Reserve Bank of India · RBI/2004-05/295 · issued 10 Dec 2004 · ~1 min read
Quick answerRBI discontinued daily fax reporting of call/notice money transactions to MPD from Dec 11, 2004, as NDS reporting stabilized. Non-NDS members must still fax reports. RBI may still request data by fax if needed.
What changed
RBI stopped requiring scheduled commercial banks, co-operative banks, primary dealers, and other eligible participants to fax their call/notice money transactions to the Monetary Policy Department daily, effective December 11, 2004. This change applied only to NDS members; non-NDS members must continue faxing reports as before.
What it means for you
Banks and other NDS members can reduce their operational burden by relying solely on NDS for reporting call/notice money deals. Non-NDS participants still face the fax requirement, so they need to maintain that process. RBI retains the right to demand fax reports if market conditions warrant, so readiness is key.
Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.
What banks were required to do at the time
Ensure all call/notice money transactions by NDS members are reported exclusively on the NDS platform from Dec 11, 2004.
Non-NDS members must continue faxing transaction reports to MPD as per existing instructions.
Maintain systems to provide transaction data by fax if RBI requests it in future.
Superseded by — Master Direction - RBI (Call, Notice & Term Money Markets) Directions, 2021
Status change: superseded08 Jul 2026, 13:15 IST
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
Do we still need to fax call/notice money reports after December 11, 2004?
Only if you are a non-NDS member. NDS members must report all deals on the NDS platform and stop faxing. RBI may still ask for fax reports if needed.
What happens if we are an NDS member but our counterparty is not?
The deal must be reported by the non-NDS member via fax to MPD. Your NDS reporting covers your side only.
Can RBI still ask for fax reports after this change?
Yes, RBI reserves the right to call for information by fax if the situation warrants it.
📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Superseded byMaster Direction - RBI (Call, Notice & Term Money Markets) Directions, 2021
📜 Read the original circular — full text as issued by RBI
RBI/2004-05/295
REF: No. MPD. BC. 260/07.01.279/ 2004-05
December 10, 2004
Agrahayana 19, 1926(S)
To
All Scheduled Commercial Banks (excluding Regional Rural Banks)/ Co-operative
Banks/ Primary Dealers/ select Financial Institutions/
Insurance Companies/ Mutual Funds
Dear Sirs
Reporting of Call/Notice Money Market Transactions
As indicated in paragraph 5 of the Master
Circular No. MPD. BC.253/07.01.279/ 2004-05 dated July 03, 2004 , eligible
participants are required to report their call/notice money transactions on
a daily basis by fax to the Monetary Policy Department (MPD). It is also mandatory
for all Negotiated Dealing System (NDS) members to report all their call/notice
money market deals on the NDS platform.
2. With the stabilisation of reporting of
call/notice money transactions over NDS as also to reduce reporting burden,
it has been decided to discontinue the practice of reporting of call/notice/term
money transactions by fax to MPD with effect from December 11, 2004. However,
deals between non-NDS members will continue to be reported to MPD as hitherto.
3. In case situation so warrants, Reserve
Bank may call for information in respect of money market transactions of eligible
participants by fax.
4. Kindly acknowledge receipt.
Yours faithfully,
(Deepak Mohanty)
Adviser-in-Charge
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2004-05/295 · issued 10 Dec 2004. The plain-English explanation above is BankPulse’s own independent summary.
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 05 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=2046&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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