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RBI receives $15.2 bn under forex swap window

By Religare
RBI receives $15.2 bn under forex swap window
The Reserve Bank of India (RBI) on Wednesday said it has so far received USD 15.2 billion under the special concessional window for swapping Foreign Currency Non-Resident (Banks) Deposits and Overseas Foreign Currency Borrowings.

The central bank had announced this scheme on September 4, 2013, as part of its efforts to attract dollar inflows to bring down the current account deficit, which is one of the main reasons for the recent depreciation of the rupee which had fallen by almost 20 per cent against US dollar during the year.

Under the scheme, RBI has provided special incentives to NRIs to invest in India under the FCNR deposit scheme by raising interest rates. At the same time, to save banks from possible exchange rate loss, the RBI offered banks the facility of swapping the US dollar funds received from NRIs at a fixed swap rate of 3.50 per cent, permitting the banks at the same time to accept these deposits up to a tenure of five years at a rate linked to LIBOR.

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