- Banks raised $17.4 billion via FCNR(B) deposits from June 8 to July 17, 2026
- $1.97 billion was mobilised through Overseas Foreign Currency Borrowings in this period
- External Commercial Borrowings contributed $1.342 billion from June 8 to July 17, 2026
Banks have mobilised $17.4 billion under the Reserve Bank of India's FCNR(B) deposit scheme since June 8, highlighting strong foreign currency inflows following the central bank's measures to bolster India's balance of payments.
According to data released by the RBI, banks raised $17.4 billion through fresh Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits between June 8 and July 17, 2026.
In addition, banks mobilised $1.97 billion through Overseas Foreign Currency Borrowings (OFCBs), while External Commercial Borrowings (ECBs) contributed another $1.342 billion during the same period.
The RBI had announced the special measures on June 5, 2026, with the objective of strengthening India's balance of payments and encouraging foreign capital inflows.
As part of the package, the central bank introduced a concessional swap facility for fresh FCNR(B) deposits, OFCBs and ECB inflows. The facility became operational on June 8.
Under the framework, the swap window for FCNR(B) deposits will remain available until Sept. 30, 2026, while the facility for OFCBs and ECBs will continue until December 31, 2026.
The central bank said the scheme has witnessed strong participation since its launch.
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"The swap facility has seen avid interest and attracted steady forex inflows since June 8, 2026," the RBI said, citing data received from authorised dealer banks.
The FCNR(B) scheme allows non-resident Indians (NRIs) to park foreign currency deposits with Indian banks without taking on exchange rate risk, while the RBI's concessional swap facility enables banks to convert these foreign currency inflows into rupees at favourable terms.
The measures were introduced amid efforts to enhance foreign exchange inflows, strengthen external sector resilience and support India's balance of payments.
The latest data indicates that the RBI's initiative has already attracted over $20.7 billion in combined inflows through FCNR(B) deposits, OFCBs and ECBs in just over a month since the facility became operational.
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