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The Economic Times

Banks mobilise $27.99 billion via FCNR deposits since RBI introduced USD-rupee forex swap facility

RBI Pankaj Chaudhary PMJDY India SBI

New Delhi: Bank's including foreign and cooperative banks, have mobilised USD 27.99 billion from Non-resident Indians since the Reserve Bank of India announced a US Dollar-Rupee Forex Swap Facility for fresh FCNR deposits, Parliament was informed on Monday.

RBI announced on June 5 a US dollar-rupee forex swap facility for fresh FCNR (B) deposits mobilised by banks for a minimum tenor of three years and a maximum of five years to attract foreign capital.

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