.............The issue has now come to a boil given the initial reluctance shown by the Reserve Bank of India (RBI) and the country’s CCP –- the Clearing Corporation of India Ltd (CCIL) -– to fall in line with ESMA’s (a third party) wishes. ISDA officials met with RBI and CCIL officials on 11 and 12 March, but those in the know of these meetings, nothing conclusive was arrived it. Foreign banks have also approached the RBI to seek an early resolution, but senior officials at these banks admitted the matter has taken diplomatic overtones..................
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