RBI expects at least $80B from 3 FX swap schemes
India's central bank is expecting at least $80 billion in foreign currency thanks to three new foreign exchange swap schemes rolled out since June.
These moves are all about boosting the country's foreign exchange reserves and keeping the economy steady.
RBI Governor Sanjay Malhotra shared that over $56 billion has already come in, with most of it flowing through special NRI deposits and overseas borrowings.
RBI closes FCNR(B) after $52.3B inflows
The FCNR(B) scheme, which let nonresident Indians park their money in foreign currency here, was such a hit that banks collected $52.3 billion by August 13, so much so that RBI decided to close it a month early.
Thanks to this strong response, India's foreign exchange reserves rose to about $707 billion in the week ended August 7, their highest level in the current financial year.
Malhotra called the move "well-thought-out" and said it shows India's financial strength right now.