Archive · 30 Jun 2025
Global Banks Seek to Soften RBI’s Offshore Swap Reporting Plan
The Reserve Bank of India (RBI) wants banks to share information about their trades happening outside of India.
Some banks are worried that this might cause problems with keeping client information private and also create confusion about which country's rules to follow.
These banks are planning to talk to the RBI and suggest that instead of sharing details about each trade, they could just give the RBI overall data.
They are also looking at ways for the RBI to get the information directly from other places where these trades are recorded.
Global banks plan to request the RBI to soften its plan for reporting offshore interest-rate derivative trades.
The RBI's directive, issued in a draft circular, requires banks to report global transactions within a year.
Banks are concerned about client confidentiality and jurisdictional complications.
Banks are discussing proposals through global financial market industry associations.
Suggestions include providing aggregated transaction data or accessing data from offshore trade repositories.
- Who
- Global banks, RBI
- What
- Global banks seeking to soften RBI's plan for reporting offshore interest-rate derivative trades
- When
- Ongoing; Formal feedback expected by July 7.
- Where
- India and offshore markets
- Why
- To address concerns about client confidentiality and jurisdictional issues.
RBI's Goal
Bank's Concerns
Objectives
RBI's Goal
Enhance market transparency and regulatory oversight.
Bank's Concerns
Protect client confidentiality and avoid jurisdictional issues.
- RBI Directive
- Requires banks to report global transactions within a year of final directions.
- Concerns
- Client confidentiality and jurisdictional complications
- Proposed Solutions
- Aggregated transaction data, accessing data from offshore trade repositories
- Offshore Swap Volume
- ₹1.2 lakh crore ($14 billion) in FY2024 (London Clearing House data)
- Draft Circular Date
- June 16
