RBI has issued norms for currency swap window. In a notification issued from Mumbai on Friday, RBI has said that swap facility will be available to scheduled commercial banks for fresh foreign currency non-resident bank – FCNR(B) deposits mobilized for a minimum tenor of three years.

RBI has said that the deposits raised may be in any permitted currency, but the swap would be available only in dollars. Although the swap window will be operated on a daily basis on all working days in Mumbai, a particular bank can avail of the swap facility only once in a week.