RBI Governor Raghuram Rajan

RBI Governor Raghuram Rajan

Dhiraj Singh/Bloomberg

Raghuram Rajan, governor of the Reserve Bank of India (RBI), pledged to maintain monetary stability and announced a window for banks to swap new foreign-currency deposits by non-resident Indians at 3.5 percent, a move that Bank of America Merrill Lynch estimates will add $10 billion to India’s reserves.