SynopsisThe Reserve Bank of India has introduced new foreign exchange measures. These include offering special swap facilities to encourage state-owned companies to raise funds abroad. The RBI will also provide swap facilities for foreign currency non-resident deposits. These measures aim to support fundraising efforts and are effective immediately with specific end dates.ReutersA man walks past an installation of the Rupee logo and Indian currency coins outside the Reserve Bank of India (RBI) headquarters in MumbaiMUMBAI: The Reserve Bank of India announced a series of forex measures last week, including offering concessional swaps to encourage overseas fundraising by state-owned firms and foreign currency non-resident deposits.The swap facility will ‌be provided ⁠until September ⁠30 to compensate banks for hedging costs on three- to five-year foreign currency non-resident deposits.Here are the detailed guidelines ​published by the RBI on Monday.The RBI has allowed banks to mobilize deposits in any ​freely convertible currencySwap facility ⁠will be ‌available in U.S. dollars onlyThe ​swap ​facility comes into effect immediately and will ⁠remain open up to October 16, 2026 ​for deposits mobilized till September 30, ​2026.Underlying deposits will have a lock in-period of 1 year.Swap facility with the RBI cannot be cancelledBanks may exclude the swap positions arising out of FCNR (B) deposits, External ‌Commercial Borrowings while computing net open rupee positionExternal commercial borrowings of average ​maturity of ​3 years ⁠and above by public sector undertakings will be eligible for the RBI swap facilitySwap will be undertaken ​at a fixed rate of 1.5% per annum compounded semi-annuallySwap facility comes into effect from today and will remain open up to January 15, 2027 for eligible ECB drawdowns (Join our ETNRI WhatsApp channel for all the latest updates)...moreElevate your knowledge and leadership skills at a cost cheaper than your daily tea.Subscribe Now