Special $ swap windows net $22.7 billion
21 Nov 2013 12:25 AM GMT
The Reserve Bank of India on Wednesday said it has received $22.7 billion from special concessional windows for swapping foreign currency non-resident (bank) deposits and overseas foreign currency borrowings.
The Reserve Bank had announced the schemes on 4 September after the rupee declined close to 30 per cent against the dollar between April and August.
The facility will be open till 30 November. The special window allows banks to swap fresh FCNR (B) dollar funds, mobilised for a minimum tenor of three years, at a fixed rate of 3.5 per cent per annum.
The RBI also allowed banks to borrow up to 100 per cent of their tier-I capital from overseas, which can be swapped with the RBI at a concessional rate of 100 basis points below the ongoing swap rate prevailing in the market.
The Reserve Bank had announced the schemes on 4 September after the rupee declined close to 30 per cent against the dollar between April and August.
The facility will be open till 30 November. The special window allows banks to swap fresh FCNR (B) dollar funds, mobilised for a minimum tenor of three years, at a fixed rate of 3.5 per cent per annum.
The RBI also allowed banks to borrow up to 100 per cent of their tier-I capital from overseas, which can be swapped with the RBI at a concessional rate of 100 basis points below the ongoing swap rate prevailing in the market.
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