FCNR(B): Data show banks have raised $20.7 bn under scheme; $10 bn more may flow in

Banks have collectively raised $20.7 billion under the RBI's special FCNR(B) incentive window within six weeks, with analysts projecting another $10 billion in inflows. Of the total, FCNR(B) deposits contributed $17.4 billion, while overseas foreign currency borrowings and external commercial borrowings made up the balance. Economists at IDFC First Bank and Emkay Global now expect total flows under the scheme to approach $80 billion, supported by active participation from foreign banks deploying their own balance sheets. SBI alone has mobilised $3 billion, with Bank of Baroda raising over $400 million.