RBI extends special FX swap window for loans already in process
MUMBAI (Reuters) - The Reserve Bank of India (RBI) said on Friday it will extend by one month the concessional forex swap window through which banks can raise capital overseas if such loans have been approved by Nov 30.
Under the programme due to expire at the end of this month, Indian banks can borrow overseas up to 100 percent of their Tier 1 capital level using a concessional swap rate offered by the RBI at 100 basis points below the market rate.
The concessional swap rate 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. (Reporting by Himank Sharma; Editing by Tony Munroe)
- Tweet this
- Share this
- Digg this
- UPDATE 2-AT&T threatens to sit out U.S. spectrum auction over rules
- Hundreds of earthquakes strike central Idaho, rattling nerves
- UPDATE 3-Google misses revenue target, ad prices slide
- Ocean floor search for missing Malaysia plane cut short again
- US STOCKS-Wall St gains on Yellen comments and Yahoo; BofA falls
Prime ministerial frontrunner Narendra Modi said he was committed to a policy of no first use of nuclear weapons, seeking to assuage concern after his Hindu nationalist BJP party vowed to revise the nuclear doctrine if elected to power. Full Article