Foreign banks lead lion's share as total haul hits $20.7bn
Business
Foreign banks are out in front, helping facilitate a lion's share of the over $17 billion raised through the Reserve Bank of India's (RBI) special FCNR(B) deposit scheme since it kicked off on June 8, 2026.
The total haul so far? About $20.7 billion, including funds from overseas borrowings and external commercial loans, all aimed at strengthening India's foreign exchange reserves.
FCNR(B) open until September 30
The FCNR(B) scheme lets non-resident Indians (NRIs) save in foreign currency and earn interest back home, helping stabilize the rupee by drawing dollars into the country.
The window for these deposits is open until September 30; so expect more action as the deadline gets closer.