During this month, the total USD-INR deals (including forwards) settled through CCIL was USD 3.4 trillion with a netting benefit of 95 percent. This netting benefit as you would recall was specifically useful during the global financial crisis wherein liquidity lines had virtually dried up.
Due to this arrangement the banks in India did not face much of liquidity and funding shortage during the financial crisis. We have since permitted CCIL to start centralised clearing of forex forwards. I understand that at present, there are 77 member banks who are members of the USD-INR spot segment but only 35 of them are member of Forex Forward segment.