In a major move to enhance India’s financial infrastructure, Reserve Bank of India (RBI) Governor Sanjay Malhotra has urged the Clearing Corporation of India Ltd. (CCIL) to build infrastructure that enables trading and settlement of currency pairs beyond the traditional USD/INR. The initiative forms part of India’s broader strategy to internationalize the rupee and reduce global reliance on the US dollar for trade and investment.
Speaking at the 25th anniversary of CCIL, Governor Malhotra highlighted the need for innovation and expansion across financial markets. He emphasized improving offerings for retail and corporate participants in foreign exchange and government securities, while ensuring robust system capabilities and a seamless customer experience. He also lauded CCIL’s presence in GIFT City, Gujarat, and encouraged the corporation to continue broadening its product suite, including interest rate derivatives and forex services.
The RBI’s push for multi-currency trading is expected to facilitate bilateral trade agreements in local currencies with various countries, enhancing market liquidity and operational efficiency. This would benefit corporates, non-resident investors, and global market participants, while embedding the rupee more deeply into international financial flows.
Governor Malhotra further underlined the importance of leveraging emerging technologies to improve efficiency, scalability, and security. He encouraged CCIL to explore innovations such as algorithmic and AI-driven trading, tokenization of assets, and mobile-first platforms. Strengthening risk management processes as new products and trading platforms are introduced was also stressed as a key priority.
By enabling multi-currency trading, CCIL will play a pivotal role in India’s strategy to strengthen its position in global financial markets. The expansion is likely to create new opportunities for businesses, increase foreign investment, and provide Indian companies with greater flexibility in conducting international trade.
As India continues to modernize its financial infrastructure, these initiatives are expected to bolster the competitiveness of domestic markets and promote deeper integration with global financial systems. For the industrial and corporate community, this move signals more efficient, versatile, and internationally aligned platforms for currency transactions in the years ahead.