Back to Career News

HSBC India executes first NDF transaction with Reliance Industries

June 08, 2023

HSBC India executes first NDF transaction with Reliance Industries
HSBC India said on Wednesday it executed its first non-deliverable forex derivative transaction with Reliance Industries, a day after the country’s central bank allowed such transactions for resident Indians.

The Reserve Bank of India had announced its plans to expand the market in April and on Tuesday laid out guidelines for non-deliverable forward (NDF) contracts that can be issued to non-retail participants for hedging and are settled in Indian rupees.
 
The RBI’s move will make onshore and offshore pricing more aligned and also provide better liquidity, price discovery, transparency and access to market participants, Anita Mishra, head of markets and securities services, HSBC India, said in a statement.
 
Banks can issue these NDF contracts via International Financial Services Centre (IFSC) banking units, which are permitted by the RBI.
 
The expansion of NDF access will help manage the Indian currency’s volatility, analysts had said.
Important Links:

Recommended for you ...

Private Banks Experience Margin Pressure as Deposit Costs Rise
Private Banks Experience Margin Pressure as Deposit Costs Rise

May 16, 2024

Canara Bank Shares Surge 4.6% After Stock Split Takes Effect
Canara Bank Shares Surge 4.6% After Stock Split Takes Effect

May 16, 2024

Private Banks in India Lead Branch Expansion Drive Over Public Sector Counterparts
Private Banks in India Lead Branch Expansion Drive Over Public Sector Counterparts

May 16, 2024

Chat on WhatsApp