RBI releases Circular on Unique Transaction Identifier for OTC Derivative Transactions

The Reserve Bank of India had issued a draft circular on Unique Transaction Identifier (UTI) for OTC Derivative Transactions on October 23, 2025, seeking feedback from banks, market participants and other interested parties. UTI serves as a single unique reference for an OTC derivative transaction. It enables policy makers to obtain a comprehensive view of OTC derivatives market by facilitating global aggregation of transactions. Feedback received on the draft circular has been examined and consequent modifications have been suitably incorporated in the final directions. RBI has deferred the implementation of Unique Transaction Identifier (UTI) for all over-the-counter (OTC) derivatives to obtain a comprehensive view of the market to January 2027.

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