No proposal to close concessional swap facility for FCNR(B) deposits before deadline: RBI

The RBI has no plans to close the concessional swap facility for FCNR(B) deposits before the September 30 deadline, said Governor Sanjay Malhotra. Banks collected $36.725 billion between June 8 and July 31. Malhotra said, “Given the prevailing global uncertainty, exchange rate movements will depend on how geopolitical tensions evolve.”