RBI Confirms FCNR(B) Swap Facility To Run Until September 30

The Reserve Bank of India is the country's central bank, like a big piggy bank that looks after money.

It created a special plan called the FCNR(B) swap facility to encourage Indians living abroad, called NRIs, to put their foreign money into Indian banks.

In less than two months, people have deposited more than $36.7 billion, which is a huge amount of money.

The bank's leader, Governor Sanjay Malhotra, says the plan is working well and will keep running until September 30, 2026.

Banks are also lending money to investors so they can deposit even more, sometimes earning returns of 20% or higher.

Because so many people are joining, some banks now ask for bigger minimum amounts, like $1 million instead of $100,000.

Returns for new investors have also dropped a little, from about 13-14% to around 11-12%.

This drive has already beaten the 2013 campaign, which raised about $26 billion.

The money helps India when its currency is under pressure, but experts say it cannot fix bigger economic problems by itself.