Reserve Bank of India has launched a special facility to meet the full daily dollar requirements of three public sector oil marketing companies: IOCL, HPCL, and BPCL. The window will be operational from October 12, 2026, via designated banks.
RBI Establishes Dedicated FX Window for PSU Oil Firms
The Reserve Bank of India (RBI) has created a special facility to fully meet the daily foreign exchange requirements of three major public sector oil marketing companies—Indian Oil Corporation Limited (IOCL), Hindustan Petroleum Corporation Limited (HPCL), and Bharat Petroleum Corporation Limited (BPCL). Under this arrangement, the RBI will conduct direct sales of US dollars to these entities through designated authorized banks.
The measure, effective from October 12, 2026, is aimed at ensuring smooth import financing for critical energy supplies without putting undue pressure on the broader foreign exchange market. The move reflects ongoing coordination between the central bank and energy sector stakeholders to manage forex liquidity efficiently amid volatile global conditions.
Practitioners should note the operational details likely governed under A.P. (DIR Series) guidelines, though specific modalities will be issued separately. This facility underscores the RBI’s role in facilitating strategic sectoral needs within the framework of exchange control regulations.
