{
  "id": 5125776,
  "title": "FCNR(B) bonanza: Banks mobilise record $127.226 billion in 85 days, nearly four times 2013 levels",
  "url": "https://urgent.news/2026/09/02/fcnr-b-bonanza-banks-mobilise-record-127-226-billion-in-85-days",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-02T16:42:28.000Z",
  "source": {
    "name": "Hindu BusinessLine",
    "slug": "hindu-businessline",
    "url": "https://www.thehindubusinessline.com/money-and-banking/fcnrb-bonanza-banks-mobilise-record-127226-billion-in-85-days-nearly-four-times-2013-levels/article71420743.ece"
  },
  "original_language": "en",
  "account": "The Reserve Bank of India's FCNR(B) concessional swap facility attracted record $127.226 billion in fresh Foreign Currency Non-Resident deposits from June 8 to August 31, nearly quadrupling 2013 levels. With attractive interest rates of 6-7.5 per cent and leverage incentives, banks mobilised $65.397 billion between June 8 and August 21, followed by an accelerated effort in the final 10 days to raise another $61.829 billion. Banks provided up to 19 times the deposit amount in leverage to NRIs placing deposits of $1 million or more. Exempt from statutory pre-emptions like CRR and SLR, these deposits significantly boosted the overall $136.377 billion mobilised under the USD-INR forex swap facility, surpassing expectations of $80-100 billion.",
  "summary": "This influx, driven by attractive interest rates of 6-7.5% and significant leverage incentives for non-resident Indians, occurred through the Reserve Bank of India’s concessional swap facility",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 4,
    "also_reported_by": [
      {
        "outlet": "Free Press Journal",
        "title": "FCNR(B) Deposits Cross $100 Billion As RBI’s Forex Inflow Scheme Gets Strong Response",
        "url": "https://urgent.news/2026/09/02/fcnr-b-deposits-cross-100-billion-as-rbis-forex-inflow-scheme-gets",
        "published": "2026-09-02T11:27:05.000Z"
      },
      {
        "outlet": "The Indian Express",
        "title": "RBI’s forex swap draws $136.37 billion, FCNR(B) deposits drive surge",
        "url": "https://urgent.news/2026/09/02/rbis-forex-swap-draws-136-37-billion-fcnr-b-deposits-drive-surge",
        "published": "2026-09-02T14:06:01.000Z"
      },
      {
        "outlet": "Times of India",
        "title": "India draws record $127 billion through forex deposits: RBI",
        "url": "https://urgent.news/2026/09/02/india-draws-record-127-billion-through-forex-deposits-rbi",
        "published": "2026-09-02T15:41:07.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}