Now Reading: RBI swap window draws $72.85 billion in forex inflows
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RBI swap window draws $72.85 billion in forex inflows
The Reserve Bank of India's special forex swap facility has attracted total foreign currency inflows of $72.85 billion as of August 21, with FCNR(B) deposits alone contributing $65.4 billion, according to RBI…
The Reserve Bank of India's special forex swap facility has attracted total foreign currency inflows of $72.85 billion as of August 21, with FCNR(B) deposits alone contributing $65.4 billion, according to RBI data released on Saturday. The facility, launched on June 8, covers FCNR(B) deposits, ECBs and OFCBs.
OFCBs accounted for $4.86 billion and ECBs $2.59 billion. FCNR(B) deposits now account for nearly 90 per cent of total inflows. The mobilisation has accelerated sharply from $40.8 billion as of July 31, with FCNR(B) deposits rising by over $28.6 billion in three weeks. The current window has already surpassed the 2013 swap scheme, which raised around $26 billion through FCNR(B) deposits.
Several public sector banks have set aggressive targets: State Bank of India aims for $10 billion, Bank of Baroda $4-5 billion, and Punjab National Bank $2.5 billion. The FCNR(B) deposit window closes on August 31, while ECB and OFCB mobilisation will continue until December 31, 2026.
Indian Opinion Analysis
Both sources report the same data without disagreement. NDTV Profit leads with the headline figure of $72.85 billion, while ET BFSI adds granular bank-level targets and notes the RBI brought forward the FCNR(B) deadline due to the encouraging response. Neither source offers a critical or opposition framing. The coverage is uniform straight reporting. The key takeaway is that the FCNR(B) window closing on August 31 will likely be the main driver of inflows, with bank targets suggesting continued strong mobilisation in the final days.
Coverage: 2 sources, 2 neutral
Sources (2): ndtvprofit.com (neutral report), bfsi.economictimes.indiatimes.com (neutral report)
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
