Reserve Bank of India, government working on Euroclear like model

NEW DELHI: The Reserve Bank is working with the Finance Ministry on a new platform for settlement of government bonds, on the lines of world's largest securities settlement system 'Euroclear', Deputy Governor H R Khan said.

"The RBI is working on a fresh Euroclear model with the government. Trading and settlement under the new model will be on RBI platform," Khan said.

"New Euroclear model will ensure that liquidity is not affected," he added.

Euroclear is the world's largest securities settlement system. India needs foreign investment to bridge its current account deficit.

Finance Minister Arun Jaitley had said in his budget speech that the government would be going ahead with listing Indian debt on Euroclear.