MUMBAI, Sept 17 (Reuters) - India's central bank has swapped
$550 million of foreign currency deposits raised by banks in
three days, a source with familiar with the matter told Reuters.
Reserve Bank of India Governor Raghuram Rajan had offered a
concessional swap rate to lenders to raise funds from overseas
Indians as part of the central bank's efforts to stabilise the
To incentivise banks, the RBI also offered to swap FCNR
deposits of maturities above 3 years into rupees at a fixed rate
of 3.5 percent, less than half the prevailing market levels.
That swap window, which became operational on Sept. 10, is
available until Nov. 30.
(Reporting by Neha Dasgupta; Writing by Subhadip Sircar;
Editing by Anupama Dwivedi)