RBI to close FCNR(B) swaps a month earlier due to gush

The Reserve Bank of India has moved the FCNR(B) deposit deadline to August 31 in response to better-than-expected foreign currency inflows. This adjustment follows a positive uptake of the swap facility linked to these deposits, with inflows surpassing previous totals. Meanwhile, the swap schemes for External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings (OFCBs) will proceed as initially scheduled.

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