India cbank deputy: FCNR swap plan open till Nov 30 as of now

Source : REUTERS
Last Updated: Mon, Nov 25, 2013 06:40 hrs

NEW DELHI, Nov 25 (Reuters) - The deadline for concessional swap facility to get foreign currency non-resident (bank), or FCNR (B), deposits remains open till Nov. 30, a central bank deputy governor H.R. Khan said on Monday, unlike an extension provided to the other swap scheme.

Expectations that the deadline could be extended surfaced after the Reserve Bank of India extended the forex concessional swap window for banks through which they raise capital overseas by one month. This facility was scheduled to end by Nov-end.

The RBI had received about $25 billion through the FCNR (B) and Tier-1 concessional swap windows so far, Khan said on the sidelines of an event.

The concessional swap windows 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 Manoj Kumar; Editing by Anand Basu)

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