In short: The Reserve Bank of India has opened a special window to meet the entire daily dollar requirement of three public sector oil marketing companies: Indian Oil, Hindustan Petroleum and Bharat Petroleum. It starts on 12 October 2026 and stays in place until further notice. The RBI will sell the dollars through designated banks.
What has the RBI announced?
After assessing current market conditions, the RBI has decided to set up a dedicated facility for the dollar needs of three state-run oil marketing companies (OMCs). The central bank itself will sell US dollars to them, routed through one or more designated banks.
- Who is covered: Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation Limited.
- How much: the window is meant to meet the entire daily dollar requirement of these three companies.
- Who sells: the Reserve Bank, through designated bank or banks.
- From when: Monday, 12 October 2026.
- Until when: until further notice. No end date has been given.
How is this different from the usual way?
The RBI's announcement describes this as a special window. Under it, the central bank is the seller of dollars to these companies, with designated banks acting as the channel. The announcement does not say how the facility compares with the companies' earlier arrangements. This article therefore does not describe those arrangements.
What is the legal background?
The RBI is India's central bank and regulator of the foreign exchange market. The announcement itself does not cite any specific provision, so this article does not either.
What about the forex derivative rules?
Details of any such change are therefore left out. Please check the RBI's website for any separate circular.
Who is affected?
- The three OMCs: they can meet their daily dollar needs through this facility.
- Designated banks: they will carry out the sales.
- Everyone else: the announcement sets no new obligations or penalties for ordinary citizens, investors or other companies.
What should readers do?
Ordinary readers need not take any action. Businesses that deal in foreign exchange, and anyone who relies on market-related news, should watch the RBI's website for further notices. The facility is open-ended, so the RBI may issue more details or changes later.
Frequently asked questions
Which companies can use the special dollar window?
Only Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation Limited. Other companies are not covered by this announcement.
When does the facility begin and how long will it run?
It begins on Monday, 12 October 2026. It will continue until further notice, so the RBI has not fixed an end date.
Does this change anything for individuals?
The announcement imposes no new requirement or penalty on individuals. It concerns how the three oil companies will obtain their dollars.