RBI Opens Special Dollar Window for Indian Oil, BPCL and HPCL From Oct 12

New Delhi: The Reserve Bank of India has announced a special foreign exchange window to meet the entire daily US dollar requirements of three public sector oil marketing companies. The facility will begin on October 12, 2026, and remain operational until further notice, according to the central bank’s statement.The arrangement covers Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, providing a designated channel for their daily foreign currency needs.RBI Tightens Forex Derivative Rules, Cuts Exposure Limit To $5 Million, Introduces 20% Risk Reserve Special Dollar Window For Oil CompaniesRBI said the decision followed an assessment of market conditions. Under the facility, it will sell US dollars to the three state-run companies through designated banks.The mechanism will route their dollar requirements through this banking arrangement instead of the fuel retailers sourcing those dollars through open-market bidding.The announcement specifies that the window will meet their complete daily dollar demand, rather than only a portion of their requirements.Designated Banks To Handle TransactionsThe central bank will undertake dollar sales through banks selected for the facility. These institutions will act as the channel between RBI and the participating oil marketing companies.The structure provides a route for the companies’ foreign exchange transactions while keeping designated banks responsible for handling the dollar sales.RBI’s statement identifies the three eligible companies and confirms the start date. It does not specify an end date, stating that the arrangement will continue until further notice.RBI Raises Daily CRR Requirement To 99%, Announces ₹25,000 Crore Bond Sale Currency Market Conditions Guide DecisionThe announcement follows RBI’s review of prevailing conditions in currency and financial markets.Moving the covered companies’ dollar purchases to a dedicated window would shift that demand away from their usual open-market sourcing. However, the statement does not quantify daily transaction volumes or predict the facility’s effect on the rupee.October 12 Start ConfirmedOperations are scheduled to begin on Monday, October 12. Indian Oil, BPCL and HPCL will access the facility through designated banks.RBI will supply their daily dollars until the arrangement is withdrawn.

The facility will come in effect from October 12, 2026 and will remain in place until further notice, the central bank added

Indian Oil, Hindustan Petroleum and Bharat Petroleum will be allowed to access dollars under the facility from ​Monday, RBI says

India’s central bank rolled out steps including a special window to supply dollars to state-run oil companies to support the rupee.