$60 billion in 10 days: How banks pulled off a last-minute FCNR(B) deposit rush

Banks pulled in more than $60 billion in FCNR(B) deposits in the final 10 days before the August 31 deadline, taking total system inflows to $136.4 billion. The last-minute rush reshaped the deposit landscape, with large lenders, smaller private banks and foreign banks emerging as key beneficiaries.