In order to enhance economic cooperation and strengthen financial stability, RBI has extended the USD 2 billion currency swap arrangement to SAARC nations till mid-November 2017. The Reserve Bank said that it has decided to extend the SAARC Currency Swap Arrangement till November 14, 2017. Under the arrangement, RBI is to offer swap arrangement up to an overall amount of USD 2 billion both in foreign currency and Indian rupee.
The SAARC Swap Arrangement was offered by the RBI to SAARC nations on November 15, 2012. The facility will be available to all SAARC member countries — Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka.
The swap amount available to various member central banks has been arrived at broadly based on two months import cover subject to a floor of USD 100 million and a maximum of USD 400 million per country.
Did You Know?
- The RBI logo was inspired from the East India Company Double Mohur.
- The financial year of RBI is from 1 July to 30 June.
- RBI is responsible only for printing the currency notes. Minting of coins is done by the Government of India.
- The first woman to become the deputy governor of RBI is K. J. Udeshi. She was appointed in 2003.
- The bank was established on the recommendation of the Hilton Young Commission.
- The first Indian to hold the position of the Governor of RBI was Mr. C.D. Deshmukh. He was the third governor of RBI.