Clearing Corporation of India Limited Signs Mandate With RBS
The Clearing Corporation of India Limited (CCIL), has signed a mandate for US dollar settlements and clearing services with The Royal Bank of Scotland Group (RBS). This extends a previous mandate with ABN AMRO’s international transaction banking business, now owned by RBS. CCIL was set up by the Reserve Bank of India to guarantee the settlement of debt and FX transactions by being the central counterparty to trades between parties, but also providing multilateral netting services to its members. CCIL is the central clearing agency for USD/INR interbank payments for the Indian banking industry.