Interbank rollover flexibility allows residents to switch authorised dealer banks for hedge contract rollover on maturity date. The Reserve Bank extended the existing inter-bank switch facility so that residents may rollover hedge transactions by switching Authorised Dealer Category I banks on the contract maturity date. The extension applies to all hedge transactions and remains subject to the established conditions: a commercially warranted reason for the switch, simultaneous cancellation and rebooking on maturity, and the rebooking bank's responsibility to ensure cancellation of the original contract. These directions are issued under the Foreign Exchange Management Act.