RBI's dollar deposit scheme nets $36.7B to steady rupee
Business
The RBI's dollar deposit scheme just pulled in a massive $36.7 billion between June 5 and July 30, 2026, launched to steady the rupee after it hit record lows in May.
HSBC topped the list with about $6.14 billion, while SBI and ICICI Bank chipped in about $4.12 billion and about $3.7 billion.
India's FCNR(B) deposits nearly double
HDFC Bank and Axis Bank also joined the action, each raising about $1.5 billion.
Thanks to this scheme, FCNR(B) deposits have nearly doubled, from $32.56 billion to over $60.55 billion, helping ease pressure on the rupee since June.
With total inflows possibly crossing $90 billion (according to IDFC First Bank), this move is giving India's economy a real boost.