SBI led with $4.1B, ICICI followed with $3.7B. This isn’t just deposits; it’s a smart play to strengthen India’s forex reserves without raising rates. And it’s working: FCNR balances jumped from $32.5B to $60.5B in under 2 months. Why does this matter? Because every dollar locked in for 3-5 years is a buffer against global shocks. Meanwhile, rural India’s banking reach? 99.92% covered within 5km. That’s not luck; it’s policy in motion. The real story? Quiet financial engineering is quietly saving the economy.