{"id":17538,"date":"2026-06-09T02:47:09","date_gmt":"2026-06-09T09:17:09","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=17538"},"modified":"2026-06-09T02:47:10","modified_gmt":"2026-06-09T09:17:10","slug":"psu-overseas-borrowings","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/psu-overseas-borrowings\/","title":{"rendered":"RBI Opens Swap Window for PSU Overseas Borrowings Till January 2027"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/psu-overseas-borrowings\/#What_Has_RBI_Announced\" >What Has RBI Announced?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/psu-overseas-borrowings\/#Who_Can_Use_the_Dollar-Rupee_Swap_Facility\" >Who Can Use the Dollar-Rupee Swap Facility?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/psu-overseas-borrowings\/#How_Long_Will_the_Swap_Window_Remain_Open\" >How Long Will the Swap Window Remain Open?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shoonya.com\/blog\/psu-overseas-borrowings\/#What_Is_the_Swap_Rate_and_Tenor\" >What Is the Swap Rate and Tenor?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/shoonya.com\/blog\/psu-overseas-borrowings\/#Why_Has_RBI_Introduced_This_Facility\" >Why Has RBI Introduced This Facility?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/shoonya.com\/blog\/psu-overseas-borrowings\/#What_Borrowings_Are_Not_Covered\" >What Borrowings Are Not Covered?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/shoonya.com\/blog\/psu-overseas-borrowings\/#How_Can_This_Help_PSUs_and_Banks\" >How Can This Help PSUs and Banks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/shoonya.com\/blog\/psu-overseas-borrowings\/#Final_Outlook\" >Final Outlook<\/a><\/li><\/ul><\/nav><\/div>\n<nav style=\"--separator: &quot;\/&quot;\" class=\"wp-block-breadcrumbs\" aria-label=\"Breadcrumbs\"><ol><li><a href=\"https:\/\/shoonya.com\/blog\/\">Home<\/a><\/li><li><a href=\"https:\/\/shoonya.com\/blog\/latest-news\/\">News<\/a><\/li><li><span aria-current=\"page\">RBI Opens Swap Window for PSU Overseas Borrowings Till January 2027<\/span><\/li><\/ol><\/nav>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Reserve Bank of India has launched a forex swap window to support PSU overseas borrowings and banks&#8217; foreign currency loans.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The move follows the RBI\u2019s decision to ease overseas borrowing norms for state-run enterprises. The new arrangement is meant to help eligible public sector undertakings and Authorised Dealer Category-I banks manage dollar funding under defined terms.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Has_RBI_Announced\"><\/span>What Has RBI Announced?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">RBI has introduced a dollar-rupee swap facility for eligible External Commercial Borrowings raised by public sector undertakings and overseas foreign currency borrowings by banks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Under this arrangement, banks can sell US dollars to the RBI and buy them back at the end of the swap period. The transaction will be done at the FBIL reference rate and in multiples of $1 million.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_Can_Use_the_Dollar-Rupee_Swap_Facility\"><\/span>Who Can Use the Dollar-Rupee Swap Facility?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The RBI forex swap facility is available for two types of overseas funding.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Eligible Borrowing<\/strong><\/td><td><strong>Who It Applies To<\/strong><\/td><\/tr><tr><td>External Commercial Borrowings<\/td><td>Public sector undertakings<\/td><\/tr><tr><td>Overseas foreign currency borrowings<\/td><td>Authorised Dealer Category-I banks<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For PSUs, the facility applies to ECBs with an average maturity of 3 years or more.\u00a0<\/li>\n\n\n\n<li>For banks, it applies to overseas foreign currency borrowings with a minimum maturity of three years.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Long_Will_the_Swap_Window_Remain_Open\"><\/span>How Long Will the Swap Window Remain Open?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The facility applies to eligible drawdowns made up to December 31, 2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The RBI swap window will remain open until January 15, 2027. This gives eligible entities time to use the facility after drawing down overseas borrowings within the permitted period.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_the_Swap_Rate_and_Tenor\"><\/span>What Is the Swap Rate and Tenor?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The swap will carry a fixed rate of 1.5% per annum, compounded semi-annually.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The maximum tenor will be five years. This can help eligible borrowers manage dollar-rupee exposure for a longer period, subject to RBI conditions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_Has_RBI_Introduced_This_Facility\"><\/span>Why Has RBI Introduced This Facility?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The move is aimed at making overseas funding more manageable for public sector undertakings and banks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When PSUs raise money abroad, currency movement can affect repayment costs. A dollar-rupee swap facility helps reduce uncertainty by allowing borrowers to manage foreign exchange exposure through a defined mechanism.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The step may also support foreign exchange inflows at a time when India is looking to attract overseas capital and manage pressure on the rupee.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Borrowings_Are_Not_Covered\"><\/span>What Borrowings Are Not Covered?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Not all overseas borrowings will qualify for the facility.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Borrowings with embedded options are excluded. External Commercial Borrowings raised to refinance existing debt are also not eligible under this swap arrangement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This means the facility is meant for eligible fresh borrowings that meet the maturity and drawdown conditions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Can_This_Help_PSUs_and_Banks\"><\/span>How Can This Help PSUs and Banks?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For public sector undertakings, the facility may make overseas borrowing more predictable by reducing uncertainty linked to exchange-rate movement.<\/li>\n\n\n\n<li>For banks, it provides a defined route to manage overseas foreign currency borrowings. It may also encourage eligible entities to raise funds abroad while keeping currency risk under better control.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em><a href=\"https:\/\/shoonya.com\/blog\/government-banks-in-india\/\" type=\"link\" id=\"https:\/\/shoonya.com\/blog\/government-banks-in-india\/\" target=\"_blank\" rel=\"noreferrer noopener\">Top 10 Government Banks in India 2026<\/a>: PSU Banks List and Rankings<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Final_Outlook\"><\/span>Final Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">RBI\u2019s forex swap window gives PSUs and banks a clearer way to manage eligible overseas borrowings.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Going ahead, the key factors to watch will be how many public sector undertakings use the route, whether overseas fund-raising picks up, and how the measure supports foreign exchange stability before the window closes in January 2027.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Source:<\/strong>\u00a0https:\/\/www.moneycontrol.com<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">Disclaimer<\/mark>: This content is for education and awareness purposes only and should not be considered investment advice or a recommendation. Investments in securities markets are subject to market risks. Read all the related documents carefully before investing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank of India has launched a forex swap window to support PSU overseas borrowings and banks&#8217; foreign currency loans. The move follows the RBI\u2019s decision to ease overseas borrowing norms for state-run enterprises. The new arrangement is meant to help eligible public sector undertakings and Authorised Dealer Category-I banks manage dollar funding under &hellip; <a href=\"https:\/\/shoonya.com\/blog\/psu-overseas-borrowings\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;RBI Opens Swap Window for PSU Overseas Borrowings Till January 2027&#8221;<\/span><\/a><\/p>\n","protected":false},"author":17,"featured_media":17539,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[1082],"tags":[10072,10077,10075,10071,10076,10074,10073],"class_list":["post-17538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-dollar-rupee-swap-facility","tag-ecb","tag-external-commercial-borrowings","tag-psu-overseas-borrowings","tag-public-sector-undertakings","tag-rbi-foreign-exchange","tag-rbi-forex-swap-facility"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>PSU Overseas Borrowings Get RBI Forex Swap Support<\/title>\n<meta name=\"description\" content=\"RBI\u2019s dollar-rupee swap facility will support PSU overseas 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