India

Reports indicate the RBI had found large discrepancies in bad debt reported by banks for the 2015-2016 period, particularly in the cases of Axis Bank and YES Bank.

BSE India and its subsidiary ICCL have gone live with the clearing corporation interoperability framework, despite a one month extension being announced.

The modified framework excludes all entities connected with the sovereign from definition of group of connected counterparties, such as exposures to or guaranteed by government.

Trading members have been given one more month to develop processes that allow them to choose to clear and settle trades in other clearing corporations.

The RBI will allow banks to use Aadhaar to authenticate and verify customer identities, provided customer consent is obtained.

Under the proposed framework, entities regulated by SEBI will be granted certain facilities and flexibilities to experiment with innovative solutions in a live environment and on real customers.

SEBI requires debenture trustees to continuously disclose the status of interest and redemption payments, meaning that any default or delay of payment will be disclosed within a day of the due date.

The revised VRR scheme is open for allotment as of 27 May, allowing FPIs to invest in government securities and corporate debt up to an aggregate limit of $7.8bn.

Under the draft rules, NBFCs will have to meet to a 60% LCR requirement from April 2020, increasing each year to the full 100% LCR in April 2024.

The first trade on the LME from India INX took place on 21 May, in copper.