‘Prudent’: Bankers back RBI’s move to end FCNRB swap window early
The Reserve Bank of India (RBI) decided to close the concessional swap facility for Foreign Currency Non-Resident (Bank) deposits a month early, on August 31. Bankers described this move as 'prudent,' noting that one public sector bank has already met its $2 billion target, while another expects to miss it slightly. This decision follows a strong response to the facility, which raised $52.3 billion by August 13.