Industry Odisha Bureau, Aug 23: Since the introduction of the scheme named Foreign Currency Non-Resident (Bank), in short FCNR(B), by the a (RBI) a few months ago this year in a bid to encourage foreign currency inflows to mitigate the mounting pressure on Indian currency -‘Rupee (INR)’, the RBI data has revealed that the country has reportedly mobilised forex inflows to a tune of $72.85 billion, while the FCNR(B) deposits have reportedly been $65.397 billion as of August 21.
Media reports stated that, “Such am overwhelming development has taken place when the RBI’s amibitious FCNR(B) scheme’s deadline has officially been slated till August 31 this year.”
Citing the RBI’s latest data, media reports have added that, “FCNR(B) deposits contributed $65.397 billion as of August 21, while the overseas foreign currency borrowings (OFCBs) added another $4.86 billion, and the external commercial borrowings (ECBs) accounted for $2.591 billion. In toto, the three channels have generated $72.85 billion foreign currencies.”
Notably, “The RBI introduced the special USD-INR foreign exchange swap facility in June this year to woo inflows of foreign currency through three channels, such as the FCNR(B) deposits, ECBs and OFCBs.”
