Foreign banks account for lion's share of FCNR(B) inflows under RBI's concessional swap facility

Foreign banks have facilitated most FCNR(B) deposits under the RBI's swap facility. This concessional swap facility has attracted over twenty billion dollars in total inflows. FCNR(B) deposits accounted for seventeen billion dollars of these significant inflows. Some large state-owned and private banks also hold a substantial share. The facility aims to strengthen India's balance of payments and forex liquidity.