RBI Governor Sanjay Malhotra Defends Early Closure Of FCNR(B) Swap Window, Calls Move A 'Calibration'

Reserve Bank of India (RBI) Governor Sanjay Malhotra has defended the central bank’s decision to bring forward the closure of its special FCNR(B) swap window, saying the move reflected changing market conditions rather than a reversal in policy.

In an interview with the Financial Times, Malhotra described the decision as “well-thought-out, calibrated, prudent and data-driven”. He said the RBI’s approach demonstrated its willingness to adjust policy in response to evolving economic and financial conditions.

RBI Advances FCNR(B) Swap Window Deadline