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OTC Money Market Reporting Moves to NDS-Call from Nov 2012

Current · Source: Reserve Bank of India · RBI/2012-13/221 · issued 25 Sep 2012 · ~2 min read
Quick answerFrom November 1, 2012, all OTC call/notice/term money deals must be reported on NDS-Call instead of NDS. Non-NDS-Call members must report via email or fax to FMD using the format from the July 2012 Master Circular.
The rule, in the simplest words
How it plays out — a real example

A branch operations officer in Indore, who also handles treasury reporting, checks the RBI circular and sees that from November 1, 2012, all OTC call money deals must go through NDS-Call. Since her bank is not yet a member, she sets up a new email procedure to report each day's short-term loans to the RBI's Financial Markets Department, using the exact format from the July 2012 Master Circular, to avoid any delays or fines.

What changed

RBI is migrating from NDS to a core banking solution, making NDS unavailable for reporting OTC money market transactions. Effective November 1, 2012, all such deals must be reported on the NDS-Call platform by members, while non-members must use email or fax to FMD.

What it means for you

Banks and primary dealers must ensure their treasury teams are onboarded on NDS-Call before the deadline to avoid reporting disruptions. Non-members face additional manual reporting steps, increasing operational risk and potential delays. This change streamlines reporting under the new core banking system but requires immediate compliance action.

What you must do

Who it affects

All scheduled commercial banks (excluding RRBs), Co-operative banks, Primary dealers

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

What happens if we are not an NDS-Call member by November 1, 2012?

Non-members must report all OTC call/notice/term money deals to FMD via email or fax at 022-22630981, using the reporting format specified in Annex II of the Call/Notice Money Master Circular dated July 2, 2012.

Why is RBI moving reporting from NDS to NDS-Call?

RBI is implementing a core banking solution, which makes the existing NDS platform unavailable for reporting these transactions. NDS-Call is the new designated platform for this purpose.

Which transactions are affected by this change?

All over-the-counter (OTC) call money, notice money, and term money transactions that were previously reported on NDS must now be reported on NDS-Call or via alternate means for non-members.

📜 Read the original circular — full text as issued by RBI
RBI/2012-13/221 FMD.MSRG. No.71/02.02.001/2012-13 September 25, 2012 The Chairmen/Chief Executives of All Scheduled Commercial Banks (excluding RRBs) / Co-operative Banks / Primary Dealers Dear Sir/Madam Reporting of OTC Call/Notice/Term Money transactions The Reserve Bank of India is in the process of implementing a core banking solution. With the implementation of the core banking solution, the Negotiated Dealing System (NDS) would not be available for reporting of OTC Call/Notice/Term Money transactions. 2. In this context, it may be mentioned that  all the OTC Call/Notice/Term money  deals, which are presently being reported over NDS, will be reported  over the reporting platform of NDS-Call by the parties who are having NDS-Call membership from November 1, 2012. Parties who are not having membership of NDS-Call are advised to report the deals to FMD either through e-mail or through fax (022-22630981) in the Reporting format given in Annex II of Call/Notice Money Master Circular dated July 2, 2012. 3. Please acknowledge receipt. Yours sincerely, (G.Mahalingam) Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2012-13/221 · issued 25 Sep 2012. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
💻 IT / Systems
  • Test reporting systems before November 1, 2012 to ensure seamless transition.
📜 Compliance
  • Verify your institution's NDS-Call membership status and apply if not already a member.
  • Train treasury staff on the new NDS-Call reporting process for OTC call/notice/term money deals.
  • For non-members, set up email or fax reporting procedures using the Annex II format from the July 2, 2012 Master Circular.
  • Acknowledge receipt of this circular to RBI as instructed.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (All scheduled commercial banks (excluding RRBs), Co-operative banks, Primary dealers), your first concrete step on “OTC Money Market Reporting Moves to NDS-Call from Nov 2012” is: “Verify your institution's NDS-Call membership status and apply if not already a member.” (RBI issued this 25 Sep 2012).

  1. Circular: RBI/2012-13/221 -- OTC Money Market Reporting Moves to NDS-Call from Nov 2012
  2. Issued: 25 Sep 2012
  3. Action required: Verify your institution's NDS-Call membership status and apply if not already a member.
  4. Action required: Train treasury staff on the new NDS-Call reporting process for OTC call/notice/term money deals.
  5. Action required: For non-members, set up email or fax reporting procedures using the Annex II format from the July 2, 2012 Master Circular.
  6. Action required: Test reporting systems before November 1, 2012 to ensure seamless transition.
  7. Action required: Acknowledge receipt of this circular to RBI as instructed.
  8. Owner: ____________ Target date: ____________
  9. Board/committee approval needed? Y / N
  10. 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.

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7588&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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