The Reserve Bank of India (RBI) has opened a special window to supply the full daily US dollar needs of three state-run oil marketing companies: Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation. The facility comes into effect today, Monday, October 12, 2026, and will run until further notice.
What happened
In a press release, the RBI said it took the decision based on its assessment of current market conditions. Under the arrangement, the central bank will itself sell US dollars to the three oil marketing companies (OMCs), which are the firms that buy, refine and sell petrol, diesel and other fuels across the country.
The dollars will be routed through one or more designated banks. The RBI said the window will meet the entire daily dollar requirement of these companies, not just a portion of it.
The RBI did not specify an end date. The facility will remain open “until further notice”, according to the release.
What it means for you
The change is aimed at large companies, not households, so it does not alter anything in your bank account, fixed deposit or loan directly.
In effect, the dollar needs of these three companies will now be met by the RBI through designated banks rather than through their own purchases in the regular currency market. The RBI has not said how large these daily requirements are, so the scale of the step cannot be measured from the announcement alone.
If you track the rupee for overseas payments, tuition fees or remittances, this is one development to keep in view alongside other factors that move the exchange rate. You can check current rates with our currency converter.
What to watch next
The RBI has not given details on the pricing of the dollars, the banks chosen, or the conditions under which the window would close. Any follow-up statement from the central bank on these points, or on why it judged market conditions to require this step, would add clarity.
