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
- 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.
- Test reporting systems before November 1, 2012 to ensure seamless transition.
- Acknowledge receipt of this circular to RBI as instructed.
Who it affects
All scheduled commercial banks (excluding RRBs), Co-operative banks, Primary dealers
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.