The Reserve Bank of India mobilized $127.23 billion in Foreign Currency Non-Resident (FCNR(B)) deposits from its diaspora through a special dollar-swap facility launched on June 8, 2026. The program, originally scheduled to run through September 30, was closed on August 31 due to an overwhelming response that exceeded the initial estimate of $50 billion to $100 billion by more than a third. This amount represents approximately four times the amount collected during the similar 2013 scheme, which had raised between $26 billion and $34 billion. The deposits will mature within one to five years, which could put pressure on reserves if the RBI does not carefully manage the maturity profile.
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