The Reserve Bank of India introduced the facility on June 8 to encourage banks to mobilise foreign currency and support the rupee. The special windows were intended to improve the availability of foreign-currency funds in the domestic financial system during periods of volatility.

Authorised Dealer banks reported raising $65.397 billion through FCNR(B) deposits. These are foreign-currency fixed deposits that non-resident Indians hold with banks in India. Their contribution was much larger than either of the other two funding sources covered by the facility.

Overseas Foreign Currency Borrowings, or OFCBs, accounted for $4.86 billion. External Commercial Borrowings, or ECBs, added another $2.591 billion. ECBs are borrowings by Indian companies from lenders abroad. Combined, these two channels contributed roughly $7.45 billion to the overall mobilisation.

The channels have different closing dates. The special window covering FCNR(B) deposits ends on August 31, while the ECB and OFCB windows continue until December 31. These dates refer to the facility’s funding windows, rather than a single deadline covering all three routes.