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of <h1>Category-I Banks Get Extended Deadline for Concessional Rate Swaps on Foreign Currency Loans Until December 31, 2013.</h1> The circular addresses Category-I Authorized Dealer Banks regarding overseas foreign currency borrowings. Initially permitted to borrow up to 100% of their Tier-I capital from international/multilateral financial institutions, these banks could swap the borrowed amount with the Reserve Bank at a concessional rate until November 30, 2013. Due to ongoing negotiations, banks receiving firm loan commitments by this date are allowed to enter into a forward-forward swap for delivery by December 31, 2013. If unable to deliver, banks must pay the rate difference plus 100 basis points. The relaxation applies only to contracts made by November 30, 2013.
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