RBI Revises Foreign Currency Deposit Inflows Under FCNR(B) Upward to USD 133 Bn

Mumbai: The Reserve Bank on Monday upwardly revised the collections under the special Foreign Currency Non-Resident (FCNR-B) deposit scheme to USD 133 billion till August 31, the closing date, which was advanced by a month following a robust response from the Indian diaspora.

According to the provisional data released on September 2, the mobilisation by banks under FCNR (B) stood at USD 127.226 billion.

The RBI’s special USD-INR forex swap facility for FCNR (B) deposits, Overseas Foreign Currency Borrowings (OFCB) and External Commercial Borrowings (ECBs) was launched on June 8, 2026.

The scheme was open till August 31 for FCNR(B) deposits, and will be open until December 31, 2026 for ECBs and OFCBs.

According to the RBI’s latest data reported by authorised dealer banks till September 18 on FCNR(B), ECBs and OFCBs, the total inflows stood at USD 143.596 billion.

FCNR(B) deposits accounted for USD 132.980 billion, OFCBs contributed USD 5.320 billion, and ECBs amounted to USD 5.296 billion, taking total inflows to USD 143.596 billion, the RBI data showed.

The scale of the response prompted the RBI to close the FCNR(B) window a month earlier than originally planned. The facility, launched on June 8, was initially scheduled to remain open until September 30 but was brought forward to August 31 after the central bank said its objective had been achieved ahead of schedule.

FCNR(B) deposits are fixed-term deposits held in foreign currencies, with the principal and interest repaid in the same currency, shielding depositors from direct rupee exchange-rate risk. The arrangement allows non-resident Indians to place foreign-currency funds with Indian banks without taking direct rupee-currency risk.

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