Despite tax and regulatory hurdles in some markets, Indian banks have raised $36.73 billion via FCNR(B) deposits under a special Reserve Bank of India (RBI) swap scheme, with the flows understood to be coming in mostly from West Asia. A total of $40.82 billion in foreign exchange has been received until July 31 through the RBI’s three concessional swap schemes. Banks have mobilised $2.58 billion via overseas foreign currency borrowings (OFCBs) and $1.52 billion in the form of external commercial borrowings (ECBs), the RBI said on Saturday. The forex inflows are expected to help to bolster India’s balance of payments and support a weakening rupee. The success of the schemes can be attributed to the high interest rates being offered by banks on FCNR(B) deposits.