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.
This story was reported by The Times of India. Read the full coverage at The Times of India.
