A US Dollar-Rupee Forex Swap Facility has been introduced for:
(a) External Commercial Borrowings (ECBs) of average maturity of three years and above, drawn on after the date of this circular till December 31, 2026, (i) by Public Sector Undertakings (PSUs) viz., whose majority ownership is with central and / or state government (other than banks), or
(ii) such PSUs which are incorporated, established or registered under a Central or State Act and controlled by the Central / State Government.
The facility will also be available for the undrawn portion as on date for any existing ECB but will not be available for borrowings with embedded options, or ECBs raised for refinancing / repayment of existing ECBs, and (b) Overseas Foreign Currency Borrowings (OFCBs) raised by Authorised Dealer Category I banks for a minimum maturity of 3 years
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