The Reserve Bank of India (RBI) has successfully mobilized over $127 billion through Foreign Currency Non-Resident (FCNR-B) deposits, significantly surpassing initial market expectations.
This massive inflow, sourced from the Indian diaspora, has provided a critical buffer for the rupee, with $52 billion already disbursed by banking units in the International Financial Services Centre (IFSC).
The surge in forex deposits strengthens India's external balance sheet, providing the central bank with increased flexibility to manage volatility in the currency markets amid global economic shifts.