The Clearing Corporation of India CCIL has signed a third party CLS deal with ABN AMRO and will use the relationship to link its member banks to the foreign exchange settlement platform. As many as 50% of the group's members have already signed up for the service.
CCIL was set up by leading banks in India to address the need for an integrated clearing and settlement system for debt and forex transactions. Some of the country's biggest financial institutions, including State Bank of India, Industrial Development Bank of India, ICICI, Bank of Baroda and HDFC Bank, own shares in the venture.
The corporation's vice president, Indirani...
