It’s no surprise that FCNR scheme encountered starting trouble from lack of clarity around ability to fund leverage without ALM mismatch, pricing the cost of interest portion of FCNR deposit which is outside of @RBI FX Swap window, premature closure of existing FCNR deposits for redeployment in the special scheme, WHT impact on NRIs if maturity amount is repatriated without allowance of net off between interest earned & paid and capital charge for 3rd party leverage against Risk weight leverage of >9X… Once clarity got evolved on the above by end of June, floodgate got opened attracting over $50B and heading towards $100B with another 2 months to go! There may not be need for RBI to extend the closure date beyond 30th September 2026! These 3 schemes (leveraged FCNR at zero FX swap and subsidized swap schemes for banks & PSUs) turned out to be a “master stroke” driving USD/INR from 96.65-97 to 94.35-95.35 and pushing 1-10Y yield curve down from 6.35-7.15% to 5.85-6.75%! Game from 5th June to 5th August turned out to be snatching a win from a losing position when most stakeholders had given up hope!