For Quick Alerts
For Daily Alerts

Indian banks mobilize $34 bn via RBI's special swap window

By Religare

Indian banks mobilize $34 bn via RBI's special swap window
In a move that is hailed by world as 'RBI's masterstroke' to save the country's currency from record lows, the Indian banks have collectively mobilized USD 34 billion (Rs 2.1 lakh crore) through the Foreign Currency Non-Resident (Bank), or FCNR(B), deposits from NRIs and banks' overseas borrowings within almost three months, said a media report.


Helping the rupee rise sharply from around 69/USD to around 61-62 level currently, the mobilization was more than four times of what analysts and experts had expected when RBI opened this window in September.

The special window opened by RBI allowed Indian and foreign banks to open FCNR(B) accounts for NRIs with a three-year lock-in period. Many banks also started financing those deposits for NRIs.

According to experts, the move was one of the best options that RBI had at that time when rupee was depreciating very fast and foreign fund inflows were drying up.

Dion Global Solutions Ltd.

Read more about: banks rbi swap window fcnr currency nri
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more