RBI Swap Facility Draws $20.72 Billion in Foreign Inflows by July 17
The Reserve Bank of India's special swap facility has accumulated $20.72 billion in foreign inflows as of July 17. The bulk of these funds came through Foreign Currency Non-Resident deposits, with Overseas Foreign Currency Borrowings and External Commercial Borrowings also contributing. The scheme was introduced to bolster India's balance of payments and stimulate capital inflows. Banks expect FCNR(B) deposit volumes to rise considerably before the facility's September deadline.
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