One of the issues with the IRS market in India is that trades are mostly concentrated on overnight MIBOR as benchmark in absence of a liquid term money market. In order to offer alternative hedging tool to the market participants, exchange traded interest rate futures (IRF) on 10 year notional GoI coupon bond and 91-day T-bills were also introduced.
After witnessing good amount of trading activity during initial few months immediately after the launch, the trading activity has reduced considerably.