Multiple choice

The Reserve Bank of India in 2013 decided to open a forex swap window to meet the entire daily dollar requirements of three public sector oil marketing companies. Which are those three public sector oil marketing companies?

  1. GSPC, IOC and ONGC

  2. IOC, HPCL and BPCL

  3. BPCL, GSPC and ONGC

  4. HPCL, IOC and ONGC

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

In 2013, the RBI opened a special forex swap window to provide dollar support to three major public sector oil marketing companies - Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Limited (HPCL), and Bharat Petroleum Corporation Limited (BPCL). These companies are the largest oil marketers in India and require substantial dollar imports to purchase crude oil. The forex swap window was created to help them manage currency volatility and reduce their transaction costs.