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As on : 17-Aug-2026
Economy - Reports
17-Aug-2026     14:15

FCNR(B) forex swap facility faces closure on 31 August 2026

The Reserve Bank of India (RBI) will end the special USD-INR forex swap facility for foreign currency non-resident (bank) or FCNR(B) deposits on 31 August 2026. This decision follows a positive response, generating significant foreign exchange inflows. As of 13 August 2026, FCNR(B) deposits totaled $52.30 billion, making up most of the $56.85 billion raised through the scheme. Inflows from overseas foreign currency borrowings (OFCBs) reached $2.81 billion, and external commercial borrowings (ECBs) contributed $1.74 billion.

The facility, introduced on 8 June 2026, will allow FCNR(B) deposits until 31 August 2026, with swaps available until 11 September 2026. However, the ECB and OFCB schemes will remain open until 31 December 2026. This strong uptake has boosted foreign currency in the domestic financial system.

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