The Reserve Bank of India’s special concessional foreign-currency swap facility attracted $127.23 billion in Foreign Currency Non-Resident (Bank), or FCNR(B), deposits, far above its initial expectation of $50 billion to $60 billion. The program operated from June 5 to June 8, 2026, despite an original closing date of Aug. 31, after the strong response prompted the RBI to end it early. By absorbing the full hedging costs on three- to five-year deposits, the RBI enabled authorized banks to offer tax-free interest rates of 6% to 7.5% or higher, with some banks reportedly providing leverage of up to nine times for high-net-worth clients. Deposits came from overseas Indians in the United States, the United Kingdom, Singapore, Hong Kong and West Asia. The inflows lifted India’s foreign-exchange reserves to approximately $729 billion and gave the RBI a larger buffer against capital flight and pressure on the rupee. Including external commercial borrowings and overseas foreign-currency borrowings, the existing record put total inflows at $136.38 billion. India’s 10-year G-Sec yield had fallen to around 6.94% as stronger liquidity and rupee conditions improved debt-market sentiment, although Brent crude near $95 a barrel and the U.S. 10-year Treasury yield above 4.80% limited the decline.