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of <h1>Bank Swap Cancellation Leads to Repricing Based on Remaining Tenor and Revised Rates Under FCNR (B) Rules.</h1> When a bank seeks to cancel a swap with the RBI due to the premature withdrawal of FCNR (B) deposits, the swap is re-priced based on the remaining tenor. Initially, a sell/buy swap is conducted with the RBI for USD one million at specified rates over a 1235-day period. If terminated after 756 days, the swap cost is recalculated to include a revised rate, which is then applied to a new swap transaction. The bank engages in a buy/sell swap with the RBI, adjusting the rates to reflect the revised swap cost and the prevailing market conditions.
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