Dollar Deluge: RBI's Swap Scheme and the Banking Industry's Big Bet The Reserve Bank of India's (RBI) dollar swap scheme has been a resounding success, mobilizing $72.
8 billion in foreign currency inflows as of August 21. This influx is not only a testament to the effectiveness of the RBI's measures but also raises important questions about the motivations behind this sudden surge.
At its core, the dollar swap scheme was designed to help Indian banks manage their currency risk and tap into global capital markets.