Following robust mobilisation in the first two months after the Reserve Bank of India (RBI) operationalised its concessional forex swap window, under which it subsidises banks’ hedging costs on fresh FCNR(B) deposits, overseas foreign currency borrowings (OFCBs) and external commercial borrowings (ECBs), Japan’s MUFG Bank has sharply raised its estimate of inflows under the RBI’s forex measures to close to $90 billion from $60 billion earlier. The bank expects the bulk of these inflows to materialise in the September quarter
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