The Reserve Bank of India (RBI) opens a designated foreign exchange window to fulfill the complete daily dollar requirements of state-run oil refiners, according to an official statement issued by the central bank.
The intervention applies specifically to three public sector oil marketing companies: Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited."On the basis of assessment of current market conditions, Reserve Bank of India has decided to open a special window to meet the entire daily dollar requirements of three public sector oil marketing companies (OMCs)," the central bank stated in its document.
The facility will begin operations from October 12, 2026, which falls on a Monday, and will continue to operate until further notice, the central bank confirmed.
Under the operational framework, the central bank will conduct sales of US dollars to these state refiners via designated banks rather than direct open-market bidding by the fuel retailers.
"Under the facility, the Reserve Bank will undertake sale of USD to the public sector OMCs through designated bank/s," the RBI stated.
The decision follows the central bank's internal review and evaluation of prevailing conditions in the currency and financial markets.
"The facility will come into effect from October 12, 2026 (Monday) and will remain in place until further notice," the Reserve Bank added in the statement.
The designated mechanism covers all foreign exchange requirements needed on a daily basis by Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited, and Bharat Petroleum Corporation Limited. The institutional arrangement channels their foreign currency demand entirely through authorized dealer banks designated for the transactions. (ANI)
