India Mobilizes Record $127 Billion via Forex Deposits

The Reserve Bank of India closed a record-breaking foreign-currency deposit scheme after mobilizing $127.23 billion.

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As of 2026-09-02 15:41 UTC. Market figures are as the cited sources reported them at that time and may have moved since. This is news, not investment advice.

Foreign Currency Non-Resident (Bank), or FCNR(B), deposits accounted for $127.226 billion in inflows as of August 31, according to the RBI. ^[1] The Reserve Bank of India (RBI) said on Wednesday that India mobilized a record $127.23 billion through foreign-currency deposits under a special central bank programme aimed at strengthening the country's foreign-exchange liquidity. ^[2] Foreign citizenship does not automatically remove an individual's inheritance rights to agricultural land in India. ^[3] Including overseas foreign-currency borrowings (OFCB) and external commercial borrowings (ECB), total inflows under the measures stood at $136.377 billion. ^[4] The Reserve Bank of India closed the FCNR(B) window on August 31, a month ahead of the originally scheduled September 30 deadline, after stating its objective had been achieved. ^[5] An NRI cannot sell agricultural land to another NRI, an Overseas Citizen of India (OCI), or a foreign national. ^[6] An NRI is defined by the RBI as a person resident outside India who is a citizen of India, whereas a foreign citizen cannot be classified as an NRI under FEMA. ^[7] An NRI or OCI can transfer agricultural land only to an eligible Indian resident, with transfers to other NRIs or OCIs not permitted under general rules. ^[8]

What this stands on

Foreign Currency Non-Resident (Bank), or FCNR(B), deposits accounted for $127.226 billion in inflows as of August 31, according to the RBI. · The Times Of India

The Reserve Bank of India (RBI) said on Wednesday that India mobilized a record $127.23 billion through foreign-currency deposits under a special central bank programme aimed at strengthening the country's foreign-exchange liquidity. · The Times Of India

Foreign citizenship does not automatically remove an individual's inheritance rights to agricultural land in India. ·

mint

Including overseas foreign-currency borrowings (OFCB) and external commercial borrowings (ECB), total inflows under the measures stood at $136.377 billion. · The Times Of India

The Reserve Bank of India closed the FCNR(B) window on August 31, a month ahead of the originally scheduled September 30 deadline, after stating its objective had been achieved. · The Times Of India

An NRI cannot sell agricultural land to another NRI, an Overseas Citizen of India (OCI), or a foreign national. ·

mint

An NRI is defined by the RBI as a person resident outside India who is a citizen of India, whereas a foreign citizen cannot be classified as an NRI under FEMA. ·

mint

An NRI or OCI can transfer agricultural land only to an eligible Indian resident, with transfers to other NRIs or OCIs not permitted under general rules. ·

mint

We could not place any of them by their address. None is an official body: that part stands on reporting, not on the underlying document or transcript.

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