<h1>RBI Seeks Feedback on Draft Variation Margin Directions for Non-Centrally Cleared Derivatives by October 15, 2020.</h1> The Reserve Bank of India (RBI) has issued Draft Variation Margin Directions, 2020, under Section 45 W of the RBI Act, 1934, seeking feedback from banks, market participants, and other stakeholders by October 15, 2020. These directions pertain to the exchange of variation margin for non-centrally cleared derivatives (NCCDs), aligning with G-20 recommendations to enhance the safety of over-the-counter (OTC) derivatives settlements. Feedback can be submitted to the RBI's Financial Markets Regulation Department in Mumbai or via email.