India’s Central Bank Says Forex Deposit Inflows at $65.4 Billion
India garnered over $65 billion through special foreign currency deposits from its 35 million-strong diaspora, latest figures from the central bank showed Saturday.
The Reserve Bank of India (RBI) reported that Indian banks raised $72.8 billion via overseas deposits and loans in the latest quarter, as part of efforts to boost inflows. This figure includes $65.4 billion raised through Foreign Currency Non-Resident (FCNR) deposits and an additional $7.45 billion from other foreign currency borrowings. The RBI has also indicated that it will discontinue a discounted forex swap facility for banks to manage overseas deposits from non-resident Indians on August 31.
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