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The RBI has brought forward the closure of its FCNR(B) swap facility after attracting over $52 billion in deposits from NRIs. In this video, we explain what FCNR(B) deposits are, how the RBI’s special USD-INR swap facility worked, why it was attractive for banks and NRIs, and why the RBI wanted to attract more foreign currency into India. Most importantly, we look at why the RBI decided to end the facility early and how excessive dollar inflows can also create appreciation pressure on the rupee and impact export competitiveness.
What is covered?
00:00 - Introduction
02:10 - What is FCNR(B)?
04:19 - RBI Swap facility for FCNR(B) deposits.
11:51 - FCNR(B) from RBI perspective
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