Collections under RBI's dollar swap scheme exceed $72.8 billion

Indian banks raise $72.8 billion in foreign-currency funds under RBI’s special swap facility as forex inflows surgeMUMBAI: Banks have mobilised $72.8 billion of foreign-currency inflows under RBI's special swap facility as of Aug 21, with the pace of mobilisation accelerating sharply in recent weeks. Foreign currency non-resident (bank) or FCNR(B) deposits accounted for $65.4 billion of the total, while overseas foreign currency borrowings (OFCBs) contributed $4.9 billion and external commercial borrowings (ECBs) $2.6 billion, as per RBI data released Saturday.The pace of mobilisation has increased almost every week. Inflows rose from $40.8 billion on July 31 to $56.9 billion on Aug 13 and $72.8 billion on Aug 21. Banks, therefore, added $32 billion in the three weeks to Aug 21, taking cum