What changed
RBI issued a circular on September 19, 2013, providing answers to banks' queries on the FCNR(B) swap window. The FAQs are available on the RBI website and annexed to the circular.
What it means for you
Banks can now access detailed clarifications on the swap window's operationalisation, reducing ambiguity. This helps banks efficiently raise FCNR(B) deposits and swap them for rupees, supporting dollar inflows.
What you must do
- Review the annexed FAQs and the online version for complete operational details.
- Ensure your treasury and forex teams understand the swap window mechanics.
- Use the FAQs to resolve any internal queries on documentation or pricing.
- Monitor RBI's website for any further updates on the scheme.
Who it affects
All scheduled banks (excluding RRBs), Treasury and forex operations teams, Bank branches handling FCNR(B) deposits
Where can I find the FAQs on the FCNR(B) swap window?
The FAQs are available on the RBI website under the section 'FAQs' at http://rbi.org.in/scripts/FAQView.aspx?Id=98, and are also annexed to this circular.
Does this circular change any existing swap window terms?
No, it only provides clarifications on operational queries raised by banks. The original terms from the September 6, 2013 circular remain unchanged.