The Hindu Business Line : Derivatives: RBI panel to review findings

Coimbatore, Jan. 1 An inter-departmental committee of the Reserve Bank of India has been entrusted with the responsibility of reviewing the findings of the inspections regarding derivatives.

The committee is expected to review the findings, discuss with CEOs of banks and representatives of various trade associations and suggest suitable supervisory action wherever necessary.

The RBI has, in a communication to the Forex Derivative Consumers Forum Tirupur, informed about this a fortnight ago. This was in response to the Forum’s demand for setting up an enquiry commission to investigate the legalities of the derivative contracts.

FDCF sources told Business Line that a regular committee had started enquiring the issue but the findings were not disclosed.

The forum, while explaining the purpose of forming such a body, appealed to the RBI to settle the issue amicably on ‘no profit no loss basis’ and save the industry, particularly the SMEs from a grave situation.

The FDCF has members from Tirupur, Ludhiana, Guntur, Panipat, Hyderabad, Vizag and Kolkata.

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