Simplified principle-based regulatory frameworks for governance, risk management, customer suitability and appropriateness in interest and forex derivative markets were issued during 2019-2021. Banks were permitted to access the offshore forex derivative markets in 2020 and offshore foreign currency settled rupee derivatives market in February 2022.
The Code of Conduct will undoubtedly contribute to overall integrity and security of the banking sector and help to further nurture the already conducive working relationships between the various banks and their customers.