NRI Money Rush Brings $73 Billion to India in Just 11 Weeks
What Happened
India attracted more than $73 billion in foreign currency inflows in just 11 weeks through a special RBI-backed forex swap scheme launched in June. The biggest contribution came from Foreign Currency Non-Resident (FCNR) deposits, with NRIs placing around $65.4 billion in Indian banks. The scheme was designed to boost foreign exchange reserves and support the rupee amid rising energy import costs and foreign capital outflows.
Key Takeaways
Driven largely by NRI deposits, the RBI's special forex programme has become India's largest and fastest foreign-currency mobilisation exercise, surpassing the 2013 scheme that raised $26 billion over three months.