RBI's Forex Swap Scheme Boosts India's Balance of Payments

India's forex reserves received a boost as the RBI's swap scheme raised $20.72 billion by July 17. This influx primarily came from Foreign Currency Non-Resident deposits, alongside Overseas Foreign Currency Borrowings and External Commercial Borrowings. The initiative aims to strengthen India's balance of payments and stimulate capital inflows, with banks expecting a surge in FCNR(B) deposits ahead of the September deadline.