The RBI has released official data on the amount of FCNR(B) deposits raised by Indian banks so far under the central bank’s Swap Facility. According to data issued by the RBI on July 20, $17,406 million was mobilised as of July 17.
In addition, Overseas Foreign Currency Borrowing (OFCB) stood at $1,970 million, while External Commercial Borrowings (ECBs) totaled $1,342 million, bringing the total to $20,718 million, including FCNR(B) deposits.
The RBI’s Swap Facility was operationalised on June 8, 2026, and will remain available up to September 30, 2026, for FCNR(B) deposits, and up to December 31, 2026, for OFCBs and ECBs.
The 2026 FCNR(B) mobilisation push is being compared to a similar drive that the RBI ran in 2013. Even after NRIs used the loan option, about $26 billion in FCNR(B) deposits were raised. This time, several bankers expect the figure to be between $35 and $50 billion.
What is RBI’s Swap Facility
RBI’s Swap Facility was introduced to strengthen India’s balance of payments and encourage capital inflows. Following this, the RBI announced a series of measures, including a facility offering concessional swaps for fresh FCNR(B) deposits.
First, on June 8, the RBI agreed to protect banks from currency impact by hedging the depreciation of the Indian rupee against the dollar under the Swap Facility for FCNR(B) Deposits, mobilised for a minimum tenor of three years and a maximum tenor of five years. In its next move, on June 18, the RBI removed the ceiling, thereby allowing banks to offer higher interest rates to NRIs.
Disclaimer: This article is based on official data released by the Reserve Bank of India and is intended for informational purposes only. It should not be construed as investment, financial, or legal advice. NRIs and investors are advised to consult their bank or a qualified financial advisor before making any decisions regarding FCNR(B) deposits or related instruments. Figures are subject to change based on subsequent RBI updates.
