Economy · India
RBI Forex Swap Attracts Over $127 Billion in Deposits
India's foreign exchange reserves have seen a significant increase, with the Reserve Bank of India's (RBI) foreign currency non-resident (FCNR) B deposit swap facility attracting approximately $127.23 billion. This inflow, which occurred over 85 days, is nearly four times the amount seen in 2013. Major banks like ICICI Bank mobilized substantial amounts, with ICICI Bank alone raising $17.88 billion. The influx of foreign currency is expected to provide the RBI with increased firepower and potentially strengthen the Indian Rupee. Some reports indicate that the total FCNR(B) mobilization through the scheme reached $136 billion, with GIFT City channeling nearly $53 billion.
How outlets across the spectrum covered it
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- Centre (9 votes, 10 outlets): Business Standard, Business Today, Deccan Chronicle, Hindustan Times, The Economic Times · The Times of India (Times Group — 1 vote), The Financial Express, The Free Press Journal, The Hindu BusinessLine, The Tribune
- International (1): Bloomberg