The final count of FCNR(B) deposit inflows under the Reserve Bank of India’s concessional swap scheme is $132.98 billion, with more than half the amount flooding in during the 10 days before the closure of the special window.

The RBI’s latest update is $5.75 billion higher than the provisional figure of $127.23 billion which it released earlier on 2 September.

The total forex currency inflows through the RBI’s three concessional schemes stood at $143.60 billion until 18 September. While overseas foreign currency borrowings (OFCBs) drew $5.32 billion, external commercial borrowings (ECBs) came closer at $5.30 billion. In the last RBI update until 31 August, banks had mobilised $5.26 billion through OFCBs while $3.89 came via ECBs.

The RBI advanced the swap window closure for the foreign currency non-resident (Bank), or FCNR(B), deposits to 31 August, a month before the original schedule of 30 September, due to a strong response from the Indian diaspora.  The swap facility for OFCBs and ECBs will remain until 31 December.  The three schemes had become operational since 8 June.