The catch? It wasn’t loans or FDI. It was deposits from NRIs, parked through a special swap window. FCNR(B) deposits; foreign currency accounts held by NRIs in Indian banks; became the hero. Why? Because the RBI offered a sweet currency hedge: lock in dollars, get rupees at a fixed rate, and earn interest. For NRIs, it’s safer than holding cash abroad. For India? A massive, low-risk forex boost without debt. This isn’t flashy policy; it’s financial engineering at its quietest. And it’s working. While everyone chases GDP headlines, this is how central banks quietly keep the ship steady. The real story? Sometimes the biggest moves happen off the front page.