The Reserve Bank of India (RBI) attracted approximately $136.38 billion through a foreign-exchange swap facility launched on June 8, including $127.23 billion in foreign-currency non-resident bank deposits (FCNR(B)), $3.89 billion through external commercial borrowings and $5.26 billion through overseas foreign-currency borrowings. The FCNR(B) window, initially scheduled to remain open until September 30, closed on August 31 after inflows far exceeded initial projections of $50 billion to $100 billion. The RBI absorbed hedging costs on the deposits, allowing Indian banks to offer more competitive rates to non-resident Indians. The program was substantially larger than the comparable 2013 effort, which attracted between $26 billion and $34 billion. Reserves reached a record $729.33 billion in the week ended August 21, while the RBI’s forward position rose to $136.7 billion in July. The deposits are generally time-bound, creating a future risk of outflows when they mature, and the RBI must manage that maturity profile carefully. Earlier reporting said eligible swaps could be processed until September 11, while the newer account says they remain executable until mid-October.