RBI sets rules for banks to swap offshore borrowings

It said despite the swaps being for the entire tenor of the borrowing, the rate shall be reset after every one year from the date of the swap at 100 bps lower than the prevailing market rate, at the time of reset.

http://www.moneycontrol.com/news/economy/rbi-sets-rules-for-banks-to-swap-offshore-borrowings_947136.html