IndiaIndian banks have raised $72.8 billion in foreign-currency funds through the Reserve Bank of India's (RBI) special swap facility as of August 21, marking a significant increase from previous levels. Foreign Currency Non-Resident (Bank) deposits (FCNR(B)) made up $65.4 billion of the total, with Overseas Foreign Currency Borrowings (OFCBs) contributing $4.9 billion and External Commercial Borrowings (ECBs) adding $2.6 billion. The rate of inflow has accelerated, rising from $40.8 billion on July 31 to $72.8 billion by August 21. Major banks such as HSBC, SBI, ICICI Bank, and HDFC Bank led the mobilization effort, though Public Sector Banks (PSBs), except SBI and a few others, were slower. The influx has boosted foreign exchange reserves by nearly $10 billion during the week ending August 15, and the RBI has adjusted the closing date for the FCNR(B) mobilization window to August 31, with swaps extended until September 11. The move reflects the encouraging response to the facility, which allows banks to access foreign currency funding while shifting currency risk management to the RBI.
Bias read (Center): The article presents factual economic data regarding the RBI's foreign currency swap facility and its impact on forex inflows and reserves. It reports on the performance of various banks and the central bank's adjustments to the program based on market response. There is no overt ideological framing
