India's Most Successful "Diaspora Savings Scheme" Raises $73 Billion in Under 3 Months

The Reserve Bank of India's (RBI) foreign exchange swap instrument launched in June this year had attracted $73 billion in inflows by August 21, with approximately $65.4 billion coming in as non-resident foreign currency deposits (FCNR-B), about 2.8 times the size of a similar program in 2013, setting a record for the largest foreign exchange mobilization in India's history. Having met its target ahead of schedule, the RBI promptly closed the application window.