RBI to offer swap rate at concessional rates for NRI deposits: Raghuram Rajan

The Reserve Bank of India (RBI) will offer a swap window to banks for fresh dollar deposits mobilised from non-resident Indians, which will be available to lenders till November 30, 2013, new governor Raghuram Rajan said on Wednesday in his first media briefing after taking charge.

The central bank will offer the swap for dollar funds mobilised for three years and above at a fixed rate of 3.5 per cent per annum at a concessional rate of 100 basis points below the market rate, he said.

Reuters earlier on Wednesday reported that the central bank has sounded out lenders on offering forex swap lines at below-market rates for banks raising deposits from non-resident Indians as it considers ways to attract funds to support the battered rupee.