RBI Opens Swap Window to Attract Foreign Currency Deposits

The RBI is opening a swap window for FCNR(B) deposits to attract foreign currency and give the rupee a much-needed boost. Announced on June 5, this scheme allows banks to swap foreign currency for rupees, making it easier to draw in depositors. With a lock-in period and some nifty exemptions, it’s a win-win for both banks and depositors!