RBI deputy: FCNR swap plan open till Nov 30 as of now

Expectations were raised for an extension after RBI did so for the other swap scheme

The deadline for concessional swap facility to get foreign currency non-resident (bank), or FCNR (B), deposits remains open till November 30, central bank deputy governor H R Khan said on Monday, unlike an extension provided to the other swap scheme.

Expectations that the deadline could be extended surfaced after the Reserve Bank of India extended the forex concessional swap window for banks through which they raise capital overseas by one month. This facility was scheduled to end by Nov-end.

The RBI had received about $25 billion through the FCNR (B) and Tier-1 concessional swap windows so far, Khan said on the sidelines of an event.

 

The concessional swap windows was implemented in September to bolster the central bank's FX reserves, giving it greater firepower to defend a sharp decline in the exchange rate.