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2026-06-08

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Exclusion of Swap Positions from NOP-INR Calculation for AD Cat-I Banks

Authorised Dealer Category-I banks are permitted to exclude swap positions arising from FCNR (B) deposits, External Commercial Borrowings, and Overseas Foreign Currency Borrowings when calculating their Net Open Position in Indian Rupees. This exclusion applies provided the banks ensure compliance with the provisions of A.P. (DIR Series) Circular No. 24 dated March 27, 2026. The directive is issued under Sections 10(4), 11(1), and 11(2) of the FEMA, 1999.

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( 253 kb ) NOP-INR position of Authorised Dealer Category-I banks

RBI/2026-27/101 A.P. (DIR Series) Circular No. 13

June 8, 2026

To,

All Authorised Dealer Category-I Banks

Madam/Sir,

NOP-INR position of Authorised Dealer Category-I banks

Attention of Authorised Dealer Category (AD Cat)-I banks is invited to circulars FMOD.MAOG.No.S-56/01.06.016/2026-27 dated June 8, 2026 , on ‘Swap Facility for FCNR (B) Deposits’ and FMOD.MAOG.No.S-57/01.06.016/2026-27 dated June 8, 2026 , on ‘Swap Facility for External Commercial Borrowings and Overseas Foreign Currency Borrowings’.

  1. AD Cat-I banks may exclude the swap positions arising out of FCNR (B) deposits, External Commercial Borrowings and Overseas Foreign Currency Borrowings raised in terms of the aforesaid circulars while ensuring compliance with the provisions of the A.P. (DIR Series) Circular No. 24 dated March 27, 2026 .

  2. The directions contained in this circular have been issued under Sections 10(4), 11(1) and 11(2) of the FEMA, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(Dimple Bhandia) Chief General Manager

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Lineage: Amended

Act No. 42 of 1999Act No. 42 of 1999Exclusion of Swap Positionsfrom NOP-INR Calculation for …2026-06-08 · this documentExclusion of Swap Positions from NOP-INR Calculation for AD Cat-I Banks (2026-06-08)Open positions of Authorised De…2026Open positions of Authorised Dealer Category-I banks (2026-06-23)
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Amended 1 time · last 2026-06-23

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