RBI Offers Concessional Swaps to Drive Forex Inflows
The Reserve Bank of India has introduced a swap facility at a fixed rate of 1.5 percent to encourage overseas fundraising by state-owned firms and foreign currency deposits. The measure aims to compensate banks for hedging costs on long-term deposits and will remain open for eligible drawdowns through early 2027.
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The Reserve Bank of India launched concessional swap facilities for state-owned firms and foreign currency deposits to boost forex inflows. The measures offer banks a fixed 1.5% annual rate to hedge costs on three- to five-year foreign currency non-resident (FCNR) deposits. The move aims to stabilize the rupee by incentivizing long-term dollar fundraising.
