New Delhi, Sept. 2 -- Non-resident Indians (NRIs) have poured $127.2 billion into Indian banks through foreign currency non-resident (FCNR) deposits under a new deposit incentive scheme to attract dollars and strengthen the rupee.

This is nearly five times the inflows seen in 2013, when a similar scheme was launched.

Announced on 5 June and rolled out three days later, the scheme allowed NRIs to make leveraged deposits and ran till the end of August, with the central bank taking the hedging risk, offering overseas investors the potential to earn up to 14% return on their money.

The Reserve Bank of India (RBI) on Wednesday said its dollar swap facility received a total of $136.4 billion till 31 August, with FCNR-B deposits accounting fo...