The RBI has set a deadline for its special USD-INR Forex Swap facility. The central bank had introduced this facility, covering FCNR(B) deposits, External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings (OFCBs), on June 8, 2026.

As reported by Authorised Dealer Banks as of August 13, 2026, the forex inflows under this facility totaled $56,846 million. Of this, FCNR(B) deposits accounted for $52,300 million, OFCBs contributed $2,805 million, and ECBs added $1,741 million.

What’s changing now?

Based on the encouraging response to the Swap Facility for FCNR(B) deposits and the resulting forex inflows, the RBI has decided that the swap facility for FCNR(B) deposits will be available only for deposits mobilized by banks up to August 31, 2026. Swaps under this facility, that is, FCNR(B) deposits, may be availed with the RBI till September 11, 2026. The scheme for ECBs and OFCBs will continue to be open till December 31, 2026, the RBI said.

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In its earlier update since the RBI’s Swap Facility was launched, the Reserve Bank of India said the measures ​had mobilised $40.8 billion ($40,816 million) through July 31, with foreign currency non-resident deposits accounting for about $36.7 billion ($36,725 million)​ of the total. According to the first data release issued by the RBI on July 20, $17,406 million was mobilised as of July 17.

The 2013 campaign raised approximately $26 billion, a figure that has now been exceeded comfortably.

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 an official press release from the Reserve Bank of India and is for informational purposes only. It should not be construed as investment or financial advice. Readers, especially NRIs considering FCNR(B) deposits, are advised to consult their bank or a qualified financial advisor before making any investment decisions.