Reserve Bank today said it has received 10.1 billion US Dollars under two schemes which were announced last month to attract foreign funds. The central bank said in a statement that till date bank received USD 10.1 billion under the special concessional window for swapping Foreign Currency Non-Resident (Banks) Deposits and Overseas Foreign Currency Borrowings.The schemes will remain valid till November 30.RBI had come out with the special measures to arrest declining value of rupee, which was triggered by widening CAD that touched a historic high of 4.8 per cent of GDP in 2012-13.Soon after taking over as RBI Governor on September 4, Raghuram Rajan announced the opening of a swap window facility to encourage banks to lure NRI funds. Under the facility, banks are permitted to swap fresh FCNR (B) dollar funds, mobilised for a minimum tenor of three years, at a fixed rate of 3.5 per cent per annum for the tenor of the deposit. Also, RBI relaxed norms for banks and allowed them to raise capital abroad to the tune of 100 per cent of their Tier I (equity) capital.
News On AIR | October 23, 2013 6:11 PM
RBI receives USD 10.1 bn under special concessional window<br/>