Foreign banks dominate RBI's FCNR(B) swap facility inflows

Foreign banks have helped facilitate a major share of the over USD 17 billion in Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits mobilised under the Reserve Bank of India's concessional swap facility, bankers said on Tuesday. The RBI said its concessional swap facility, introduced to encourage foreign currency inflows, has attracted USD 20.72 billion till July 17, which included USD 17.406 billion, followed by OFCBs at USD 1.970 billion and ECBs at USD 1.342 billion.

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