Description
ICCL issues a revised list of 34 banks eligible as acceptable collaterals for Clearing Corporations, in continuation of SEBI circular SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/65 dated May 29, 2024.
Summary
Indian Clearing Corporation Ltd. (ICCL) has issued a revised list of banks eligible as acceptable collaterals for Clearing Corporations as of February 26, 2026. This update is issued in reference to SEBI circular SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/65 (May 29, 2024) and in continuation of ICCL Circular 20251114-14 (November 14, 2025). The list comprises 34 banks meeting the criteria under Section 3.2 of the SEBI Circular.
Key Points
- ICCL has published a revised list of 34 banks eligible for use as collateral with Clearing Corporations.
- The list supersedes/updates the prior list issued via ICCL Circular 20251114-14 dated November 14, 2025.
- Eligibility is governed by Section 3.2 (Criteria for selection of Banks) of the SEBI Circular dated May 29, 2024.
- The list includes Indian public sector banks, private sector banks, small finance banks, and foreign banks operating in India.
- Members, custodians, PCMs, and banks must ensure their collateral arrangements reference only banks on this updated list.
Regulatory Changes
- Updated eligible bank list issued under authority of SEBI circular SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/65 dated May 29, 2024.
- Replaces the previously communicated list from ICCL Circular 20251114-14 (November 14, 2025).
- No change to the underlying framework or criteria; this is a data/list update reflecting current bank eligibility status.
Compliance Requirements
- All Members, Custodians, PCMs (Professional Clearing Members), and Banks must note the revised list immediately.
- Collateral provided to ICCL must only involve banks appearing on this updated eligible list.
- Entities should review existing collateral arrangements and take corrective action if any bank used is no longer on the approved list.
Important Dates
- Circular Date: February 26, 2026 (Notice No. 20260226-8)
- Reference SEBI Circular: May 29, 2024
- Previous ICCL Circular: November 14, 2025 (20251114-14)
- Effective Date: Immediate (as of the notice date)
Eligible Banks (34 Banks)
| Sr. | Bank Name |
|---|---|
| 1 | AU Small Finance Bank Ltd |
| 2 | Axis Bank Ltd |
| 3 | Bank of Baroda |
| 4 | Bank of India |
| 5 | Bank of Maharashtra |
| 6 | Barclays Bank PLC |
| 7 | Canara Bank |
| 8 | Central Bank of India |
| 9 | Citibank N.A. |
| 10 | Credit Agricole CIB (India) |
| 11 | DBS Bank |
| 12 | Deutsche Bank AG |
| 13 | HDFC Bank Ltd |
| 14 | HSBC Bank Ltd |
| 15 | ICICI Bank Ltd |
| 16 | IDBI Bank |
| 17 | IDFC First Bank Ltd |
| 18 | Indian Bank |
| 19 | Indian Overseas Bank |
| 20 | IndusInd Bank Ltd |
| 21 | JP Morgan Chase Bank, N.A. |
| 22 | Karur Vysya Bank Ltd |
| 23 | Kotak Mahindra Bank Ltd |
| 24 | Mizuho Bank Ltd |
| 25 | MUFG Bank Ltd |
| 26 | Punjab and Sindh Bank |
| 27 | Punjab National Bank |
| 28 | Standard Chartered Bank |
| 29 | State Bank of India |
| 30 | Sumitomo Mitsui Banking Corporation |
| 31 | The Federal Bank Ltd |
| 32 | The South Indian Bank |
| 33 | UCO Bank |
| 34 | Union Bank of India |
Impact Assessment
- Clearing Members & Custodians: Must verify that bank guarantees or collateral instruments are only from the 34 listed banks. Any collateral from an unlisted bank would be non-compliant.
- Banks: Banks not on the list cannot be used for collateral with ICCL, potentially affecting business with clearing members.
- Market Operations: Minimal disruption expected as this appears to be a routine refresh; however, members must act promptly if any previously used bank has been removed.
- Contact: For queries, contact ICCL Risk Department – risk.monitoring@icclindia.com | +91-22-22728759/5733/8811/5059 (Sushant Majhi, Chief Risk Officer).
Impact Justification
Routine but operationally important update to the list of SEBI-approved banks for collateral purposes; directly affects clearing members, custodians, PCMs, and banks managing collateral with ICCL.