Mumbai: Foreign banks have helped facilitate a lion's share of the over USD 17 billion in Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits mobilised under the Reserve Bank of India's concessional swap facility, bankers said on Tuesday.Some large state-owned and private sector banks also hold a significant share of inflows received so far, at least three bankers told PTI.The RBI on Monday said its concessional swap facility, introduced to encourage foreign currency inflows, has attracted USD 20.72 billion till July 17, which included USD 17.406 billion, followed by OFCBs at USD 1.970 billion and ECBs at USD 1.342 billion.Also Read: Punjab National Bank to foray in acquisition finance in third quarter: MD ChandraAccording to RBI data, FCNR(B) deposits accounted for USD 17.406 billion of the total inflows, while Overseas Foreign Currency Borrowings (OFCBs) contributed USD 1.97 billion and external commercial borrowings (ECBs) amounted to USD 1.342 billion."The lion's share of deposits mobilised under the RBI's FCNR(B) scheme may have come from foreign banks, followed by a few large public sector and private sector banks. Foreign banks enjoy easier access to offshore dollar funding, while major PSU and private banks benefit from their presence in GIFT City and overseas branches, enabling them to effectively leverage the RBI's swap facility," V Ramachandra Reddy, DGM and Head Treasury at Karur Vysya Bank, told PTI.Also Read: India's private banks draw thinner margins on tepid credit growth"In contrast, most mid-sized and small banks, with limited or no overseas presence or GIFT City operations, largely depend on mobilising organic, granular retail FCNR(B) deposits," Reddy added.A banker at a large private sector bank said foreign banks enjoy an advantage because of their stronger presence in international markets and easier access to overseas funding."The mobilisation under RBI's scheme has been strong in a short span. However, there is no clarity yet on how much of the FCNR(B) inflows are incremental and how much represent renewals or rollovers of existing deposits," Upasna Bhardwaj, Chief Economist at Kotak Mahindra Bank, said.Another banker at a large state-owned bank said the FCNR(B) inflows appear to be a mix of fresh deposits and replacement of matured deposits."The RBI has sought data from banks, but it has not specifically asked for fresh deposit data. I assume the reported numbers include both fresh inflows and replacement of matured deposits," the banker said.The central bank said the swap facility has witnessed strong interest and steady forex inflows since becoming operational on June 8, 2026, with FCNR(B) deposits showing particularly robust mobilisation.In a note issued on Tuesday, foreign brokerage Bofa Securities said the forex swap window has seen a strong start at USD 20.7 billion, and exuded confidence that the earlier estimate of USD 60-70 billion will be met with another 11 weeks to go.The RBI had announced the concessional swap facility on June 5, 2026, as part of a broader package of measures aimed at strengthening India's balance of payments and incentivising capital inflows amid global market uncertainty.Under the scheme, the facility is available till September 30, 2026 for FCNR(B) deposits and till December 31, 2026 for OFCBs and ECBs.The measures were introduced to strengthen India's external sector position and support foreign exchange liquidity.Initial market estimates had suggested that the overall package could attract up to USD 70 billion in foreign exchange inflows. However, some analysts have recently expressed doubts about whether the scheme will achieve those levels.Despite the slower-than-expected initial mobilisation, bankers remain optimistic about a sharper pickup in FCNR(B) inflows as the September 30 deadline approaches.