GIFT-IFSC Banks Unleash $54 Billion in RBI Swap Fun

Here's the scoop: Twenty banks at GIFT-IFSC have approved a jaw-dropping $54.02 billion under the RBI's special swap deal for FCNR(B) deposits by August 31. They skyrocketed from $28.60 billion on August 14 to this massive amount in just a couple of weeks! The RBI is on a mission to reel in foreign currency, and this facility is their ace in the hole!