IRF slowly gaining in volume as banks start taking position in bond market

The worst that IRF volumes witnessed in recent times was in June

Interest rate futures (IRF) are slowly gaining in volume as banks come back to trade in the bond market.
 

Banks were so far keeping away from the spot markets for fear of rising yields. Recently, Finance Minister Piyush Goyal prodded the banks to come back to the bond market. As volume in the spot bond market rises from Rs 150-180 billion in the January-March quarter to more than Rs 350 billion of average volume now, interest in IRF has stated ticking up. 

IRF is used to hedge against yield fluctuations. However, a majority of the volume in IRF, more than