And the real story? It’s not about big banks or global investors. It’s about NRIs, OCIs, and PIOs putting their money back home; in dollars, euros, pounds; because the RBI made it too good to ignore. Rates crossed 7% in some banks, tax-free, with the RBI absorbing the swap risk. That’s why FCNR(B) deposits alone made up $127 billion of the total. The rupee didn’t surge; global chaos kept it steady; but India’s forex reserves hit a record $729 billion. The 2013 crisis tool is back, but this time, it’s not a rescue. It’s a signal: India’s balance sheet is stronger, and the world’s still betting on it; quietly, smartly, and in big numbers.