Interest Rate Swap (IRS) market The Report of the Committee on Financial Sector Assessment (Chairman: Dr. Rakesh Mohan) noted that the notional principal amount of outstanding Interest Rate Swaps (IRS) of all commercial banks increased from Rs. 10 trillion+ as on 31st March 2005 to Rs. 80 trillion+ as of 31st March 2008.
However, due to trade compression, involving multilateral early termination, by the Clearing Corporation of India Ltd. (CCIL), the notional principal amount of outstanding IRS of commercial banks declined to Rs. 50 trillion+ as of 30th June 2012.