Reserve Bank of India (RBI) Governor Sanjay Malhotra has asked the Clearing Corporation of India (CCIL) to expand its role. He suggested building systems that allow trading and settlement of more currency pairs, not just USD-INR.
Speaking at CCIL’s 25th anniversary in Mumbai, Malhotra stressed the need to strengthen retail platforms. He said CCIL should improve RBI Direct and Forex Retail platforms to make investing easier for individuals. “Today, about three lakh retail investors use RBI Direct for government securities, but there is much more potential,” he noted.
The governor urged CCIL to adopt new technology to boost efficiency, speed, and security. He highlighted that mobile-first platforms, faster onboarding, and closer integration with banks could increase retail participation.
Malhotra praised CCIL’s recent efforts such as its partnership with Bharat Connect and trials of mobile-friendly portals. These steps, he said, will reduce costs and help MSMEs access forex markets more easily.
At the same time, Malhotra reminded CCIL of its key duty as a risk management institution. He said CCIL must review and test its systems regularly to ensure strong safeguards as volumes rise and new products are launched.
