Global Banks Push Back on India’s Offshore FX Reporting Plan

Global lenders pushed back against a proposal by India’s central bank for more reporting of offshore rupee trades, according to people familiar with the matter.

Banks told the RBI the proposal could breach client confidentiality and conflict with data and reporting rules in other jurisdictions, the people said, asking not to be named discussing private matters. They submitted written feedback by the March 9 deadline through two international financial industry associations, the people said.