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RBI changes major rule; this facility to be discontinued ahead of schedule
The RBI has decided to prematurely close the swap facility introduced for FCNR(B) deposits. The RBI noted that the scheme received an excellent response, resulting in a significant inflow of foreign currency into the country. Banks will now be able to avail of the swap facility from the RBI only for FCNR(B) deposits mobilized up to August 31, 2026.
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