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 through September 30 to compensate banks for hedging costs on three- to five-year foreign ‌currency non-resident ⁠deposits. The ⁠RBI has also enabled banks to offer leverage to clients for such 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 facility comes into effect immediately and will remain open up to October 16, 2026 for deposits ⁠mobilized till September ‌30.Underlying deposits will have a lock in-period of one year.The swap facility with the RBI cannot be cancelledBanks may exclude the swap positions arising out of Foreign Currency Non-Resident deposits, External Commercial Borrowings while computing net open rupee positionIn its notification, the RBI said existing restrictions on banks issuing non-fund based facilities assuring redemption or repayment of funds would not apply to these depositsRemoving that condition will allow Indian banks to offer Standby Letters of Credit to foreign banks who offer leverage to their ‌customers to park dollar deposits in Indian banks.Earlier in the day, brokerage house Jefferies said allowing leverage would be crucial to the success of ⁠the scheme, as it was in 2013 when it was last offered.Separately, the RBI said external commercial borrowings of average maturity of 3 years and above by public sector undertakings will be eligible for a separate 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