India must go slow on joining global bond indices
- For investment banks that have been waiting expectantly at the prospect of generous management fee and commissions on India’s inclusion in global bond indices, this must have come as a rude shock.
"The Reserve Bank of India (RBI), together with the government, is making efforts to enable international settlement of transactions in government Securities through international central securities depositories." That was RBI governor Shaktikanta Das in September 2021, delivering the keynote address at the annual event of FIMMDA-PDAI (Fixed Income and Money Market Dealers Association) – (Primary Dealers Association of India). The assurance was seen as part of the ongoing process to widen the pool of potential investors and incorporate local bonds into global bond indices.