RBI defers introducing Unique Transaction ID for OTC derivatives

Reserve Bank of India (RBI) has deferred the implementation of Unique Transaction Identifier (UTI) for all over-the-counter (OTC) derivatives to obtain a comprehensive view of the market by January 2027, the banking regulator said in a statement.

“At present, all transactions in OTC markets for Rupee interest rate derivatives, forward contracts in Government securities, foreign currency derivatives, foreign currency interest rate derivatives, and credit derivatives are reported to the Trade Repository managed by Clearing Corporation of India Limited (CCIL-TR). It has now been decided to mandate UTI for all such transactions….The directions shall come into effect from January 01, 2027 and shall be applicable to OTC derivative transactions entered into on or after the date the directions come into effect,” RBI said in its release.

Earlier RBI had released a draft circular stating that the deadline for the implementation of UTI is set at April 2026. UTI serves as a single unique reference for an OTC derivative transaction and is in line with global practice for OTC derivative reporting, RBI said in the circle.