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MNC Banks Resist RBI Plan to Access Offshore Deal Data

The Reserve Bank of India has drafted a rule requiring foreign‑bank branches in India to report all non‑deliverable forward (NDF) contracts to the Clearing Corporation of India Ltd. The proposal mandates disclosure of notional values, counterparties, maturities and settlement dates, aiming to give regulators real‑time insight into offshore rupee‑linked derivatives. Foreign banks argue that many NDF trades occur outside India, making data collection difficult and raising jurisdictional and client‑privacy concerns. Their resistance could force the RBI to seek alternative data‑gathering mechanisms or impose stricter compliance requirements.