economy·
RBI Forex Swap Facility Attracts $73 Billion Inflows As FCNR(B) Deposits Drive Response
The RBI’s special USD-INR forex swap facility has attracted $73 billion in foreign exchange inflows since its launch on June 8, with FCNR(B) deposits contributing $65.40 billion. The Finance Ministry called it India’s largest and fastest foreign currency mobilisation exercise, surpassing the 2013 scheme. Due to strong response, RBI advanced the closure date to August 31.
The RBI’s special USD-INR forex swap facility has attracted $73 billion in foreign exchange inflows since its launch on June 8, with FCNR(B) deposits contributing $65.40 billion. The Finance Ministry called it India’s largest and fastest foreign currency mobilisation exercise, surpassing the 2013 scheme. Due to strong response, RBI advanced the closure date to August 31.
Read original at Free Press Journal