This expanded article provides more details about the foreign exchange inflows under the RBI's special swap scheme and the sources of these inflows.
As reported by Akashvani News, the Reserve Bank of India’s (RBI) special swap scheme, operationalized on 8th June, has resulted in a significant foreign exchange inflow of over 20.7 billion US Dollars as of last week Friday. The inflow was primarily driven by banks receiving over 17.4 billion USD through Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits.
According to RBI’s data issued yesterday, nearly two billion USD were raised through Overseas Foreign Currency Borrowings (OFCBs), and over 1.3 billion USD through External Commercial Borrowings (ECBs). These inflows are part of the RBI's efforts to strengthen India’s balance of payments and incentivize capital inflows.
Source:
Akashvani News
