The Reserve Bank of India will cut the ceiling on its swap windows for 3-5 year foreign currency non-resident deposits FCNR-( by 100 basis points from March 1, the central bank said on Friday.
The new rates will be LIBOR/Swap plus 300 basis points, down from LIBOR/Swap plus 400 bps earlier for maturities of three to five years, the central bank said.