India raises $17.4 billion through FCNR(B) deposits under RBI swap
India just raised $17.4 billion by inviting people to park their dollars in Foreign Currency Non-Resident (Bank) deposits, thanks to a special swap deal from the Reserve Bank of India.
The whole idea? Boost the country's balance of payments and bring in more global cash.
Inflows into India exceed $20.7 billion
Altogether, more than $20.7 billion has flowed into India through this scheme, including nearly $2 billion from overseas borrowings and another $1.34 billion via external commercial loans.
The RBI's swap facility helps banks handle these funds at lower costs and less risk when converting currencies.
If you're interested, the deposit window stays open until September 30, and other borrowing options run through December 31, so there's still time for banks and investors to get involved.