RBI Mandates Weekly Reporting of Client IRS Trades
Current · Source: Reserve Bank of India · RBI/2009-10/177 · issued 05 Oct 2009 · ~1 min read
Quick answerRBI now requires banks and primary dealers to report client-level interest rate swap (IRS) transactions weekly to the Financial Markets Department, starting with the week ending October 16, 2009. This is in addition to existing CCIL reporting for interbank trades.
The rule, in the simplest words
Banks and primary dealers (special money lenders) must tell the RBI every week about interest rate swaps (IRS, a deal where two people swap interest payments) they made with their customers.
The first report is for the week ending October 16, 2009, and must be sent by October 18, 2009.
Send the report in both a paper copy and an email to the Chief General Manager, Financial Markets Department.
Keep reporting interbank trades (deals between banks) to CCIL (a clearing house) as before—this new rule is only for customer trades.
How it plays out — a real example
A treasury officer in Indore, Priya, finishes her week on Friday, October 16, 2009. She collects all the IRS deals her bank did with customers that week, fills out the new RBI form, and emails it along with a hard copy to the RBI's Financial Markets Department by Sunday, October 18. She also remembers to keep sending the bank's interbank trades to CCIL as usual.
What changed
Previously, only interbank IRS and FRA trades were reported to CCIL; client trades were excluded. Now, RBI has extended reporting to include all client-level IRS transactions. Banks and PDs must submit these in a prescribed format via hard and soft copy by the second day of the following week.
What it means for you
This move gives RBI a complete picture of the OTC interest rate derivatives market, including client activity. For banks, it adds a weekly compliance burden but improves market transparency and regulatory oversight. Existing CCIL reporting remains unchanged.
What you must do
Set up a process to capture all client IRS transactions in the specified format.
Submit the first report for the week ending October 16, 2009, by October 18, 2009.
Ensure both hard copy and soft copy (email) are sent to the Chief General Manager, Financial Markets Department.
Maintain separate reporting for interbank trades to CCIL as before.
Who it affects
All scheduled commercial banks (excluding RRBs and LABs), Primary dealers
❓ Common questions
What transactions need to be reported under this circular?
All client-level interest rate swap (IRS) transactions entered into by banks and primary dealers must be reported weekly.
What is the deadline for submitting the report?
The report must be submitted by the second day of the following week to which it pertains, in both hard and soft copy.
Does this change existing reporting to CCIL?
No, the existing reporting of interbank trades to CCIL continues unchanged. This is an additional requirement for client trades.
📜 Read the original circular — full text as issued by RBI
RBI/2009-10/177
FMD/MSRG/40 /01.14.001/2009-2010
October 5, 2009
To
All Scheduled Commercial Banks (excluding RRBs and LABs) and Primary Dealers.
Dear Sir,
Reporting of OTC Interest Rate Derivatives – Client Level Transactions
Please refer to our circular IDMD 809/11.08.15/2007-08 dated August 23, 2007 wherein banks and Primary Dealers were advised to report all transactions in interest rate swaps and forward rate agreements, excluding client trades, on the reporting platform developed by CCIL for this purpose. With a view to accessing complete information on this segment of the market, it has now been decided to collect the details of client trades in respect of IRS transactions. Accordingly, banks and PDs are advised to report the IRS transactions entered into with their clients in the format enclosed on a weekly basis to the Financial Markets Department.
2. The information should be in data format and sent to the Chief General Manager, Financial Markets Department in both hard as well as in soft copy by the second day of the following week to which it pertains. The soft copy should be emailed . The first such report should pertain to the week ending October 16, 2009.
3. There is no change in the reporting by banks and PDs to CCIL as is being done currently.
Yours sincerely
(P.Krishnamurthy)
Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2009-10/177 · issued 05 Oct 2009. The plain-English explanation above is BankPulse’s own independent summary.
Example: if you are a Compliance officer at a bank this circular applies to (All scheduled commercial banks (excluding RRBs and LABs), Primary dealers), your first concrete step on “RBI Mandates Weekly Reporting of Client IRS Trades” is: “Set up a process to capture all client IRS transactions in the specified format.” (RBI issued this 05 Oct 2009).
Action required: Set up a process to capture all client IRS transactions in the specified format.
Action required: Submit the first report for the week ending October 16, 2009, by October 18, 2009.
Action required: Ensure both hard copy and soft copy (email) are sent to the Chief General Manager, Financial Markets Department.
Action required: Maintain separate reporting for interbank trades to CCIL as before.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.
💬 Banker Discussion
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 03 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=5301&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.
Help us keep this accurate
Found an inaccuracy or have an improvement? Tell us. Every report is reviewed by our team before any change is made — nothing goes live unverified.
Public beta — plain-English informational summaries. Always verify against the official RBI source (circular number cited on every page) before making compliance, credit, treasury, audit, or operational decisions. · Join our WhatsApp channel ↗
BANKPULSE · FREE DAILY BRIEF
Get RBI updates for your role
Every important RBI update, decoded in plain English — for your career, exams & financial awareness.
We collect only your email, name and role, used solely to send your brief — never sold or shared. Withdraw anytime via the unsubscribe link in any email. Independent platform, not affiliated with the RBI. Information, not legal advice.
REPORT AN ERROR · BETA
Spotted an error? Earn 500 BankPulse Credits
Help us stay accurate. If your correction is verified true and approved by our founder, you earn 500 BankPulse Credits — redeemable when the platform monetises.
Reviewed by a human before any credit is awarded. We never change the site from crowd input without verification.
WANT A NEW FEATURE · BETA
What would make BankPulse more useful for you?
Tell us what to build next — a tool, a data view, a role page, anything. We read every suggestion.
Thank you — your ideas directly shape what we build.