Banks have mobilised over 20.7 billion US Dollars (USD) in foreign exchange inflows under the Reserve Bank of India’s (RBI) special swap scheme till Friday last week. The scheme was operationalised on 8th June.
According to RBI’s data issued yesterday, of the total deposits, banks received over 17.4 billion US Dollars through Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits. Nearly two billion USD were raised through Overseas Foreign Currency Borrowings (OFCBs), and over 1.3 billion USD through External Commercial Borrowings (ECBs).
RBI had announced this concessional swap facility with a view to strengthening India’s balance of payments and incentivise capital inflows. The swap facility for FCNR(B) deposits will remain available until 30th of September 2026, while the facility for OFCBs and ECBs will continue until 31st of December 2026.
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