India to lend FX until July to counter stress

The Reserve Bank of India has agreed to support the overseas operations of its banks by providing three-month foreign-currency loans until next July.

The Reserve Bank said on Friday that it would provide foreign-exchange liquidity to Indian public- and private-sector banks with foreign branches or subsidiaries through foreign-exchange swaps for periods of up to three months until 30 June next year.

The facility, which was originally announced on 7 November, is available on request.

The move i