Axis Bank has dealt its first onshore INR Non Deliverable Derivative trade with a large South based domestic corporate client. Axis Bank is one of the first Indian banks to execute such a transaction, following the recent guidelines issued by the Reserve Bank of India (RBI). The RBI guidelines dated 6th June 2023, have permitted banks to offer onshore Non Deliverable Derivative Contracts involving INR to resident clients. These contracts will be cash settled in INR.
Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
