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<h1>RBI Swap Window Exemption: Off-Market Swap Risks Impact Bank Capital, But RBI Exposures Exempt from Capital Requirements Under FEMA</h1> The swap with the Reserve Bank of India (RBI) involves significant risk limit consumption due to its nature as an off-market, in-the-money swap for banks, which substantially impacts capital requirements. However, exposures to the RBI are exempt from capital adequacy requirements. This is in the context of the Swap Window for attracting FCNR (B) Dollar funds as of September 18, 2013, under FEMA regulations.