Reserve Financial institution of India. File picture | Picture credit score: Reuters
The Reserve Financial institution of India (RBI) has postponed the implementation of distinctive transaction identifiers (UTIs) for all over-the-counter (OTC) by-product merchandise till January 2027 to acquire a complete view of the market, the banking regulator stated in a press release.
“Presently, all trades in rupee rate of interest derivatives, futures contracts on authorities securities, international forex derivatives, international forex rate of interest derivatives and credit score derivatives within the OTC market are reported to the commerce repository maintained by Clearing Company of India Restricted (CCIL-TR). It has been determined to make UTI necessary for all such transactions…This directive will come into impact from January 1, 2027 and will likely be relevant to over-the-counter by-product transactions entered into after the date on which the directive comes into drive,” the RBI stated in a launch.
Earlier, the RBI had issued a draft round stating that the deadline for implementation of UTI could be set at April 2026. The UTI serves as a single distinctive reference for OTC derivatives transactions and is in step with world practices for OTC derivatives reporting, RBI stated within the round.
