NEW DELHI (Reuters) - India will close the special concessional swap rate offered to lenders raising funds abroad on November 30, according to the text of the speech Finance Minister P. Chidambaram gave in Singapore earlier on Thursday.
The window for the foreign currency non-resident (bank), or FCNR (B), was due to close on November 30, although some banks have pushed for an extension.
"Two months ago, the Reserve Bank opened a special window to attract more funds into FCNR (B), and I am happy to report that, as I speak to you today, the scheme, which will close on November 30, 2013, has received $16 billion," Chidambaram said according to a copy of his speech, released in New Delhi by the finance ministry.
The Reserve Bank of India had received a total of $22.7 billion through the FCNR (B) as well as a separate window targeting non-resident Indians abroad, it said in a release.
