BANKING AFFAIRS

Detailed explanation-1: -The Clearing Corporation of India Ltd. (CCIL) (CIN: U65990MH2001PLC131804) was set up in April, 2001 to provide guaranteed clearing and settlement functions for transactions in Money, G-Secs, Foreign Exchange and Derivative markets.

Detailed explanation-2: -NSE Clearing, The Organisation NSE Clearing was the first clearing corporation to be established in India and we introduced settlement guarantee before it became a regulatory requirement.

Detailed explanation-3: -CCIL, set up in April 2001, is a payment system authorized under the Payment and Settlement Systems Act, 2007 and Regulations thereunder by Reserve Bank of India (RBI). It provides clearing & settlement in OTC financial market products, mainly to the wholesale market players which are also regulated entities.

Detailed explanation-4: -Pune Office The Clearing Corporation of India Ltd.

Detailed explanation-5: -The Core Committee, appointed at the behest of Reserve Bank of India for setting up CCIL, identified six ‘core promoters’ for CCIL-State Bank of India, IDBI Bank Ltd. (formerly Industrial Development Bank of India), ICICI Bank Ltd, Life Insurance Corporation of India (LIC), Bank of Baroda and HDFC Bank Ltd.