The Reserve Bank of India today released Draft Variation Margin (Reserve Bank) Directions, 2020. Comments on the draft directions are invited from banks, market participants and other interested parties by October 15, 2020.
Feedback on the draft directions may be forwarded to:
The Chief General Manager, Reserve Bank of India
Or by email with subject line “Feedback on Draft Variation Margin (Reserve Bank) Directions, 2020”.
Reserve Bank of India in its Statement on Developmental and Regulatory Policies dated February 6, 2020 announced that RBI will issue the directions regarding exchange of variation margin for non-centrally cleared derivatives (NCCDs), following the G-20 recommendations, and with a view to improve safety of settlement of over-the-counter (OTC) derivatives that are not centrally cleared.
Accordingly, a draft Variation Margin (Reserve Bank) Directions, 2020 is being issued for feedback.
Press Release: 2020-2021/296
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