The Reserve Bank of India (RBI) has curtailed its FCNR (B) swap window, prompting banks to seek dollar deposit

The Reserve Bank of India (RBI) has curtailed its FCNR (B) swap window, prompting banks to seek dollar deposits. The RBI initially opened the facility but has now advanced the deadline to August 31 due to increased NRI dollar inflows of $52.3 billion. The move follows a surge in diaspora contributions, allowing India to raise $50 billion ahead of schedule.