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High oil prices and big stock market outflows (more than $5 billion last April) have put serious pressure on the rupee and India's trade deficit.
To make these bonds safer for both banks and investors, the RBI is also considering foreign-exchange swaps, which would help banks offer better returns without taking on extra risk.
This isn't a brand-new idea, the State Bank of India used a similar move back in 2000 to raise billions of dollars.