India’s balance-of-payments outlook is being transformed by a funding channel that barely figured in forecasts at the start of the financial year. It is a set of temporary foreign-exchange swap windows opened by the Reserve Bank of India in June. Banks had reported $72.85 billion of foreign-currency inflows under the facilities by August 21, RBI data showed. Nearly 90% of this ($65.40 billion) came through Foreign Currency Non-Resident (Bank) deposits. Overseas foreign-currency borrowings by banks contributed $4.86 billion, while external commercial borrowings brought in another $2.59 billion.