As of August 13, RBI's special June forex swap and deposit package has mobilised $56.8 bn, of which $52.3 bn is through fresh Foreign Currency Non-Resident (Bank) deposits. The numbers are no longer forecast, or aspirational. Last week, RBI announced that it had advanced the deadline for mobilising FCNR(B) deposits from September 30 to August 31, because of higher-than-expected foreign currency inflows.
India has demonstrated it can mobilise foreign currency at scale through its banks and its diaspora. What matters now is not how much RBI has attracted, but the following:
