The Economic Times

Indian banks raise over $136 bn via RBI forex swap, FCNR(B) deposits dominate inflows

India's banking system attracted over $136 billion through a special Reserve Bank of India swap facility. Foreign currency non-resident deposits accounted for the largest portion of these substantial inflows. This strong response prompted the Reserve Bank of India to close deposit mobilization earlier than planned. The inflows have significantly boosted banking system liquidity and strengthened foreign exchange reserves.