Mumbai: The Reserve Bank of India (RBI) would launch an electronic reporting platform for rupee derivative products such as swaps from August 30.

Banks and primary dealers will have to report all trading on the platform within 30 minutes of a deal. The Clearing Corporation of India will manage the platform.

Dealers and banks will also have to provide all historical trade information by September 15, although they won't have to give client details, the RBI said.

Currently only overnight cash rates and bonds are traded online. Traders say a reporting platform for interest rate swaps is a precursor to move derivative trading online.

The RBI is also considering a rupee futures contract and has constituted a working group to submit a report on how to go about it. Alternatively, the RBI could also set up a separate currency futures exchange.

Interest rate swaps are done mostly by brokers and are settled after the end of trade each day. Major participants include foreign banks and a few private Indian ones. A new platform in the swaps market is expected to draw marginal investors such as state-run banks into the market.

Daily swap volumes in the country have doubled over the past year to an estimated at Rs8,000 crore currently.