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Informist, Friday, Aug. 14, 2026

 

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--RBI: FCNR(B) swap facility to be open for deposits mobilised till Aug 31
--RBI: Got $52.30 bln FCNR(B) deposits Jun 8-Thu under special scheme
--RBI: Banks can avail FCNR(B) swap facility till Sept 11
--RBI: $56.85 bln FX inflows mobilised under schemes till Aug 13
--RBI: PSUs' external commercial borrow $1.74 bln Jun 8-Aug 13 under scheme
--RBI: Bks raised $2.81 bln via offshore FX borrow Jun 8-Aug 13 under scheme
--RBI: Swap facility for bks, PSUs offshore borrow to remain open till Dec 31

 

NEW DELHI - The Reserve Bank of India's swap facility for foreign currency non-resident (banks) deposit will now be available for deposits mobilised till Aug. 31, against the previous deadline of Sept. 30, the central bank said in a press release Friday.

 

"Based on the encouraging response to the Swap Facility for FCNR(B) deposits and the resultant forex inflows, it has been decided that the Swap facility for FCNR(B) deposits will be available only for deposits mobilised till August 31, 2026," it said. The swaps under the FCNR(B) deposits window may be availed by banks with the RBI till Sept. 11, it added.

 

The central bank had in June announced a host of measures to attract foreign capital. Among the measures was a facility to cover the full hedging costs for banks raising fresh three- to five-year FCNR(B) deposits. The swap facility, which came into effect on Jun. 8, was earlier supposed to remain open till Oct. 16 for deposits mobilised between Jun. 8 and Sept. 30.

 

The RBI's measures to boost foreign capital inflows have attracted a total of $56.85 billion from Jun. 8 till Thursday, it said, based on data from authorised dealer banks, which include foreign banks. Of this, inflows through FCNR(B) deposits amount to $52.30 billion.

 

The premature closure of the central bank's swap facility for FCNR(B) deposits comes after RBI Governor Sanjay Malhotra said earlier this month that there is no proposal to close the FCNR(B) deposit scheme ahead of the scheduled time.

 

However, the RBI's swap facilities for the external commercial borrowings of public-sector undertakings and offshore foreign currency borrowings of banks, offering a concessional rate of 1.5% per annum, will remain open till Dec. 31, as announced earlier, it said. Banks have raised $2.81 billion through overseas foreign currency borrowings from Jun. 8 till Thursday, the RBI said. External commercial borrowings by public-sector undertakings amount to $1.74 billion, as per the data.  End

 

US$1 = INR 95.43

 

Reported by Pratiksha

Edited by Rajeev Pai

 

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