What changed
RBI has discontinued the weekly reporting of client-level Rupee Interest Rate Swap (IRS) and Forward Rate Agreement (FRA) transactions to the Financial Markets Department via physical form, email, or ORFS. This change takes effect from the week ending April 4, 2014, as CCIL's trade reporting platform has stabilized and captured all outstanding transactions as of the reporting start date.
What it means for you
Banks and primary dealers can now streamline their compliance by relying solely on CCIL for reporting client-level IRS/FRA transactions, reducing duplication of effort. This shift eliminates a manual weekly submission to RBI, freeing up operational resources and reducing the risk of reporting errors.
What you must do
- Stop submitting weekly client-level IRS/FRA reports to RBI's Financial Markets Department from the week ending April 4, 2014.
- Ensure all client-level Rupee IRS/FRA transactions are reported exclusively to CCIL's reporting platform.
- Verify that your institution's reporting to CCIL is accurate and up-to-date, as RBI will rely on CCIL data for oversight.
Who it affects
All Scheduled Commercial Banks (excluding RRBs and LABs), Primary Dealers
What specific reports are being discontinued?
The weekly reporting of client-level Rupee Interest Rate Swap (IRS) and Forward Rate Agreement (FRA) transactions to RBI's Financial Markets Department, which was done in physical form, via email, or through the Online Returns Filing System (ORFS), is being discontinued.
When does this change take effect?
The new reporting arrangement is effective from the week ending April 4, 2014. After this date, no weekly reports need to be sent to RBI for these transactions.
Do we still need to report these transactions anywhere?
Yes, you must continue reporting client-level Rupee IRS/FRA transactions to CCIL's trade reporting platform, which has been operational since December 30, 2013.