The Reserve Bank of India's (RBI) recent measures aimed at enhancing Foreign Currency Non-Resident Bank (FCNR(B)) deposits and External Commercial Borrowings (ECBs) could potentially attract foreign currency inflows ranging from $50 billion to $70 billion, according to a report by Jefferies. This revised framework offers more attractive conditions compared to the special swap window established in 2013, which could encourage greater participation from non-resident Indians (NRIs), banks, and international lenders. Jefferies emphasized that the supportive terms for FCNR(B) deposits and ECB fundraising, especially the elimination of hedging costs which were around 3.5% in the earlier program, make the new scheme significantly advantageous. FCNR(B) deposits enable NRIs to maintain deposits in foreign currencies with Indian banks, thereby boosting foreign exchange inflows into the country. Additionally, ECBs allow Indian firms to source funds from international markets. Jefferies believes that the new measures could lead to stronger inflows than those observed during the 2013 program, which accounted for approximately 12% of India's foreign exchange reserves and nearly 3% of domestic deposits at that time. Overall, these changes are anticipated to enhance India's external financial position and increase investor engagement.