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The Reserve Bank of India’s recent clarification permitting banks to extend loans and issue standby letters of credit against Foreign Currency Non-Resident (Bank) deposits, including those mobilised under its swap-supported framework, represents a targeted but important refinement in the treatment of foreign currency deposits in India.

On 25 June 2026, the Reserve Bank of India (“RBI”) issued the Master Direction- Reserve Bank of India (Credit Derivatives) Directions, 2026 (“Directions”), superseding the earlier framework governing credit derivatives in India.

Once perceived merely as functional storage spaces dictated by fragmented tax structures and operational necessity, warehouses today stand transformed into sophisticated logistical and infrastructure assets underpinning the movement of trade, manufacturing, consumption, and capital across the country.