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FCNR(B) Swap Window FAQs Released

Current · Source: Reserve Bank of India · RBI/2013-14/273 · issued 19 Sep 2013 · ~1 min read
Quick answerRBI released FAQs clarifying operational aspects of the FCNR(B) dollar swap window for scheduled banks (excluding RRBs). Banks must refer to these FAQs for smooth implementation.
The rule, in the simplest words
How it plays out — a real example

Ananya, a treasury officer at HDFC Bank’s Mumbai branch, opens the RBI FAQ each morning, follows the step‑by‑step guidance to convert a US‑dollar FCNR(B) deposit into rupees, and feels confident that her team is complying with the latest RBI instructions.

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

Who it affects

All scheduled banks (excluding RRBs), Treasury and forex operations teams, Bank branches handling FCNR(B) deposits

❓ Common questions

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.

📜 Read the original circular — full text as issued by RBI
RBI/2013-14/273 FMD.MOAG. No. 85/01.06.016/2013-14 September 19, 2013 To All Scheduled Banks [excluding Regional Rural Banks (RRBs)] Dear Sir/ Madam, Swap Window for Attracting FCNR (B) Dollar Funds Please refer to our circular FMD.MAOG.No.84/01.06.016/2013-14 dated September 6, 2013 on the captioned subject. 2. Banks have raised various queries relating to the operationalisation of the captioned swap window. These queries along with the answers/ clarifications are put up in the RBI website under the section “FAQs” and can be accessed at http://rbi.org.in/scripts/FAQView.aspx?Id=98 . A copy of these questions and answers is annexed to this circular for your ready reference. Yours sincerely (G. Mahalingam) Principal Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2013-14/273 · issued 19 Sep 2013. The plain-English explanation above is BankPulse’s own independent summary.
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Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (All scheduled banks (excluding RRBs), Treasury and forex operations teams, Bank branches handling FCNR(B) deposits), your first concrete step on “FCNR(B) Swap Window FAQs Released” is: “Review the annexed FAQs and the online version for complete operational details.” (RBI issued this 19 Sep 2013).

  1. Circular: RBI/2013-14/273 -- FCNR(B) Swap Window FAQs Released
  2. Issued: 19 Sep 2013
  3. Action required: Review the annexed FAQs and the online version for complete operational details.
  4. Action required: Ensure your treasury and forex teams understand the swap window mechanics.
  5. Action required: Use the FAQs to resolve any internal queries on documentation or pricing.
  6. Action required: Monitor RBI's website for any further updates on the scheme.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8437&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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