RBI advances FCNR(B) deposit deadline to August 31 on strong inflow response
The Reserve Bank of India has accelerated the closure of its FCNR(B) deposit swap facility, moving the deadline to August 31 from the originally planned September 30. The decision reflects stronger-than-expected foreign currency inflows through the scheme, which has seen uptake surpass previous totals.
The adjustment comes as the swap facility linked to Foreign Currency Non-Resident (B) deposits has attracted significant participation. However, the RBI has kept the swap schemes for External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings (OFCBs) on their original schedule.
