Central Banking

Indian committee suggests overseas clearing agent

INDIA - A committee set up to study the Indian financial system's payment and settlement modes has recommended creating an overseas clearing agent and a guarantee fund for foreign exchange clearing, a central bank statement said on 16 July.

The group, which released the third part of its study, also suggested integrating banks and the Clearing Corporation of India with the real-time gross settlement system (RTGS).

The Reserve Bank of India (RBI) said the group, constituted by the Standing Commi

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