India could receive $80 billion to $85 billion in total foreign currency inflows, driven by the Reserve Bank of India’s (RBI) special Foreign Currency Non-Resident (Bank) [FCNR(B)] incentive scheme, according to an SBI Research report.
SBI Research revised its scheme-end FCNR deposit target upward to $65–$70 billion (from an earlier projection of $40–$45 billion), citing rapid deposit mobilization led primarily by public sector banks.
Inflow Highlights & Milestones
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45-Day Outperformance: Total capital raised within 45 days of the scheme launch exceeded the total mobilization achieved during the entire three-month FCNR window in 2013.
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$20.72 Billion Raised (As of July 17, 2026): Total deposit inflows reached $20.72 billion, comprising:
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$17.41 billion in direct FCNR(B) deposits.
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$1.97 billion from Overseas Foreign Currency Borrowings (OFCBs).
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$1.34 billion via External Commercial Borrowings (ECBs).
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Near-Term Run Rate: FCNR deposits were projected to touch $26–$28 billion by July 23, 2026.
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Forex Reserves Impact: Foreign Currency Assets (FCA) expanded by $7.6 billion between June 8 and July 17, with an additional $10–$12 billion increment expected in late July, pushing total post-measure FCA accruals to $17–$20 billion.
Strategic Inflow Drivers
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Attractive Rates & Rollover Interest: Higher interest rates offered under the RBI swap window (up to 6.0%–7.1% across major banks) are driving non-resident Indians (NRIs) to roll over existing FCNR deposits maturing in August and September 2026 into the new scheme.
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Tax-Concession Jurisdiction Capital: An estimated $10 billion in conservative baseline additions is expected to originate from financial hubs offering favorable tax structures.
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Public Sector Leadership: State-owned lenders continue to act as the primary engines for deposit aggregation across NRI-dense global corridors.
