Date:03/06/2005 URL: http://www.thehindu.com/2005/06/03/stories/2005060309921800.htm

Business - Briefly

IOB initiative in forex trade payments

CHENNAI: Indian Overseas Bank has commenced continuous linked settlement (CLS) for processing and settling of its forex trade payments. It has joined hands with Clearing Corporation of India (CCIL), Mumbai, to launch this operation in India. CLS provides for net settlement of all forex interbank cross currency deals with participant banks on a daily basis, thereby reducing the settlement risk and eliminating reconciliation problems.