European Union banks seek RBI approval for third-party transaction model https://www.ndtvprofit.com/business/indian-financial-regulators-not-to-give-in-to-europes-auditing-demands-report-3506303
Credit Agricole, Societe Generale, Deutsche Bank, BNP Paribas aim to resolve deadlock between their home authorities and Indian policymakers
The European banks face hurdles in trading Indian government bonds and derivatives since the European Securities and Markets Authority (ESMA) de-recognised the Clearing Corp of India (CCIL) in October 2022.
ESMA's decision resulted from the RBI's refusal to grant audit and inspection rights over CCIL, which oversees local government bond trading and ensures settlement.
India Will Not Let Europe Audit Domestic Financial Settlement Firms: Report https://www.ndtvprofit.com/business/indian-financial-regulators-not-to-give-in-to-europes-auditing-demands-report-3506303 NDTV Profit Desk 10 Nov 2022