The RBI has introduced two special USD-Rupee forex swap facilities to attract foreign currency inflows and support external financing.
The first facility is for fresh Foreign Currency Non-Resident Bank (FCNR (B)) deposits, allowing Authorised Dealer (AD) Category-I banks to access the RBI’s forex swap facility (available in USD only) for deposits raised in any freely convertible currency.
The second facility is for eligible External Commercial Borrowings (ECBs) with an average maturity of 3 years and above, and overseas Foreign Currency Borrowings (OFCBs) raised by AD Category-I banks with a minimum maturity of 3 years.