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So far, the Reserve Bank of India has received $17.5 billion under the special concessional window for swapping foreign currency non-resident (bank), or FCNR (B), deposits and foreign currency borrowings.
To tackle the falling rupee and depleting foreign exchange reserves, RBI had taken a number of steps, including opening a special swap window to attract foreign capital. It had announced these schemes on September 4, 2013.
Under the window, banks can swap fresh FCNR (B) dollar funds (deposits with a maturity period of at least three years) at a fixed rate of 3.5 per cent a year for the tenure of the deposit.
RBI has entered into swap arrangements with banks for the principal amount to be brought under FCNR (B).
Banks can swap fresh borrowings against tier-I capital with RBI, at a per cent less than market rates.
The swap window is open till November 30.
