India plans to proceed with a proposal by the Reserve Bank of India (RBI) that would mandate banks to report offshore rupee derivative trades, despite objections from lenders. The move is part of an effort to increase transparency in the market, which has been increasing pressure on the rupee. The Reserve Bank (RAB) proposed in February that banks report rupee foreign exchange derivative transactions undertaken globally by their related parties, arguing this would support more efficient price discovery. The RBI also wants lenders to start sharing data on at least 70% of these derivative transactions starting February 2027. Foreign banks have objected to the proposal, citing concerns that sharing of the data could breach rules in jurisdictions where the trades take place. The implementation of this proposal could prove challenging, with reporting transactions carried out in other countries requiring coordination with other central banks.