The Clearing Corporation of India Limited (CCIL), India's leading centralised clearing and settlements facility, 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.
Mrs Indirani Rao, Head of Forex Operations at CCIL, said: "We awarded this follow-on business to RBS as we were delighted by the high quality of service we had received for over five years. In particular, we were impressed by their superior clearing solution, ability to customise software, reliability, willingness and flexibility to assist an evolving operational infrastructure and liaise with the Federal Reserve. Through our partnership with RBS we are able to provide a world class USD/INR clearing and settlements service."
Brian Stevenson, Chief Executive, Global Transaction Services, RBS said: "RBS is delighted to be the first and only settlement agent for CCIL and the Indian banking industry for USD/INR interbank settlements. The renewal of this prestigious contract demonstrates how our dedicated teams in India and across the globe worked very closely with CCIL to ensure an excellent and consistent product and service is provided."