Central Banking

Patil to head proposed SBI clearing corporation

R H Patil, former managing director of the Indian National Stock Exchange, is expected to take charge as the chairman of the proposed SBI Clearing Corporation for the money and foreign exchange market. The blueprint of the corporation was finalised in a recent meeting of the core group constituted by the Reserve Bank of India.

The clearing corporation will have a trade guarantee fund of Rs 1,000 crore for debt and $350 million for forex transaction. The corporation would, however, have a limited

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