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India's forex boost: RBI's swap scheme raises $20.72 billion so far
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The Reserve Bank of India's special swap facility attracted $20.72 billion by July 17. Most of this money arrived through Foreign Currency Non-Resident deposits. Overseas Foreign Currency Borrowings and External Commercial Borrowings also contributed to inflows. This facility was launched to strengthen India's balance of payments and encourage capital. Banks anticipate a significant rise in FCNR(B) deposits before the September deadline. What's Your Reaction?
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