India's forex boost: RBI's swap scheme raises $20.72 billion so far

The Reserve Bank of India's special swap facility attracted $20.72 billion by July 17. Most of this money arrived through Foreign Currency Non-Resident deposits. Overseas Foreign Currency Borrowings and External Commercial Borrowings also contributed to inflows. This facility was launched to strengthen India's balance of payments and encourage capital. Banks anticipate a significant rise in FCNR(B) deposits before the September deadline.

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Private bank chiefs temper NRI deposit mop-up expectations; Top lenders stay cautious, say several factors affect inflows

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