RBI pushes independent benchmark body

Administrative body set to oversee FX benchmarks

Reserve Bank of India building in Mumbai

The Reserve Bank of India (RBI) has promoted the creation of an independent administrative body for the governance of FX benchmark rates to prevent dealer banks abusing the process.

The RBI has asked the Foreign Exchange Dealers' Association of India (FEDAI) to act as the administrator of foreign exchange-rate benchmarks relating to the Indian rupee. It also asked the Fixed Income Money Market and Derivatives Association of India (FIMMDA) to act in the same manner for Indian rupee interest rates

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