MUMBAI (Reuters) - The Reserve Bank of India will offer a swap window to banks for fresh dollar deposits mobilised from non-resident Indians, which will be available to lenders till November 30, 2013, new Governor Raghuram Rajan said on Wednesday in his first media briefing after taking charge.
The central bank will offer the swap for dollar funds mobilised for three years and above at a fixed rate of 3.5 percent per annum.
The RBI will also provide swap lines at a concessional rate of 100 basis points below the market rate to banks for their overseas borrowing, he said.
Reuters earlier on Wednesday reported that central bank has sounded out lenders on offering forex swap lines at below-market rates for banks raising deposits from non-resident Indians as it considers ways to attract funds to support the battered rupee
(Reporting by Subhadip Sircar; Editing by Sunil Nair)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app