RBI attracts $20.72 billion via swap facility after new measures
Business
India's central bank, the Reserve Bank of India (RBI), just pulled off a big win: it attracted $20.72 billion in foreign exchange through its swap facility, thanks to new measures rolled out last month.
These steps made it easier for overseas investors to park their money in India, aiming to build up the country's financial strength and reserves.
Foreign Currency Non-Resident deposits $17.41 billion
Most of the inflow came from Foreign Currency Non-Resident Deposits: $17.41 billion, to be exact.
The rest was split between External Commercial Borrowings ($1.34 billion) and Overseas Foreign Currency Borrowings ($1.97 billion).
By opening up more ways for global investors to contribute, RBI is making India's economy more resilient and ready for future growth.