Banks mobilise record $127 billion in FCNR(B) deposits

Banks have mobilized over $127 billion from FCNR(B) deposits by August 31, contributing significantly to India's foreign exchange reserves which have reached record levels. Total dollar inflows through special schemes reached $136.37 billion, with the FCNR(B) scheme accounting for over 93% of these inflows.

The Foreign Currency Non-Resident (B) account scheme continues to attract substantial overseas deposits. A swap scheme for External Commercial Borrowings and Ordinary Foreign Currency Bonds remains operational until December 2026, aimed at sustaining the inflow momentum.