Collections under RBI's dollar swap scheme exceed $72.8 billion
Under the Reserve Bank of India's dollar swap scheme, collections have surpassed $72.8 billion, according to data released on August 21. The majority of this inflow, $65.4 billion, came from foreign currency non-resident (bank) or FCNR(B) deposits, while overseas foreign currency borrowings (OFCBs) contributed $4.9 billion and external commercial borrowings (ECBs) $2.6 billion.
Weekly mobilisation has surged, with total inflows rising from $40.8 billion on July 31 to the current figure. Major banks leading the mobilisation include HSBC, SBI, ICICI Bank, and HDFC Bank, with others tapping their NRI networks. Public sector banks, except SBI, have been slower. The swift response has boosted foreign exchange reserves by nearly $10 billion, with reserves expected to surpass the all-time high of $728 billion by the end of August.
The Reserve Bank has expedited the closure of the FCNR(B) mobilisation window, with deposits mobilised up to August 31 qualifying, while the ECB and OFCB components will remain open until December 31.
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