The Reserve Bank of India will inject long-term liquidity into the banking system through a $5 billion USD/INR buy/sell swap auction on December 16, according to a circular issued on Monday. The move comes as system liquidity remains tight despite recent interventions.
The swap, with a 36-month tenor, will run from 10:30 am to 11:30 am, with the near-leg settlement on December 18, 2025 and the far-leg on December 18, 2028, the RBI said.
Banks will bid on the swap premium they are willing to pay, quoted in paisa terms, and the auction will follow a multiple-price format.
The operation sits alongside the central bank’s previously announced ₹1 lakh crore of government-securities purchases scheduled for December 11 and 18, forming a coordinated effort to maintain orderly funding conditions into the year-end.
Eligible Category-I Authorised Dealer banks may submit multiple bids of at least $10 million each. Successful bidders will receive rupee liquidity in the first leg in exchange for delivering dollars into the RBI’s nostro account. The rupee, plus the quoted swap premium, will be returned at maturity when banks receive the dollars back.
The RBI also reiterated that it retains the discretion to accept less or slightly more than the notified $5 billion amount.
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