RBI revives currency swap window, to offer 6% returns on dollar deposits

RBI introduced a swap facility for new three-to-five-year Foreign Currency Non-Resident FCNR(B) deposits, with Indian banks likely offering up to 6% annual return on fixed dollar deposits. The facility will remain open till October 16 for deposits mobilised till September 30. A similar scheme was last introduced in 2013 during a currency crisis and raised $34 billion from NRIs.