Going forward, the reported OTC derivative transactions will be used for strengthening Reserve Bank of India’s conduct of surveillance of OTC derivative markets, financial stability assessments and, micro-prudential supervision of banks and PDs apart from disseminating the price and volume information (anonymised) for enhancing transparency of the Indian OTC derivative markets. V.IV.II  Standardisation  37.
Gandhi Working Group has recommended that IRS contracts should be standardized and Swap Execution Facility (SEF) may be introduced for IRS trades. Against the backdrop of G-20 commitment and in order to improve tradability and facilitate migration of IRS contracts to centralized clearing and settlement in future, it has been decided to standardise inter –bank IRS contracts.