RBI FCNR ( B ) swap window spurs 86 % jump in NRI dollar deposits in under two months

The Reserve Bank of India's Foreign Currency Non-Resident (Bank) swap window has spurred an 86 percent surge in Non-Resident Indian (NRI) dollar deposits in a period of under two months. The development reflects a significant influx of foreign currency into the country following the implementation of the central bank's specialized swap facility.

The policy measure was designed to attract foreign currency inflows and stabilize financial markets by encouraging non-resident Indians to deposit funds through the designated window. The substantial increase achieved in such a short timeframe highlights the effectiveness of the central bank's intervention in bolstering foreign reserves through NRI participation.