New Delhi, July 22 -- Going by early data, as reported, the Reserve Bank of India (RBI) may have got its aim right on target. So far, more than $17 billion has been raised by banks as foreign currency non-resident (FCNR) deposits since RBI rolled out an incentive scheme last month to attract dollars into its forex cushion.

As more overseas Indians work out the details of what's on offer and arrange funds to deposit, inflows could rise before this window closes (end September, that is).

Under RBI's swap facility, it acquires those dollars at today's exchange rate only to return the money to banks at the same rate as and when FCNR deposits mature (in 3-5 years).

Relieved of the risk of a heavy payback burden should the rupee slide over t...