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News›Markets›Forex›RBI to close FCNR(B) swaps a month earlier due to gush The Economic Times daily
newspaper is available online now. Read Today's Paper RBI to close FCNR(B) swaps a month earlier due to gushSECTIONSRBI
to close FCNR(B) swaps a month earlier due to gushET BureauLast Updated: Aug 15, 2026, 09:26:00 AM ISTRate StoryFollow
usShareFont SizeAbcSmallAbcMediumAbcLargeSavePrintCommentSynopsisThe Reserve Bank of India has moved the FCNR(B) deposit
deadline to August 31 in response to better-than-expected foreign currency inflows. This adjustment follows a positive
uptake of the swap facility linked to these deposits, with inflows surpassing previous totals. Meanwhile, the swap
schemes for External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings (OFCBs) will proceed as
initially scheduled.ANIThe Reserve Bank of India (RBI) has advanced the deadline for mobilising foreign currency
non-resident (bank) deposits by a month to August 31, from the originally announced September 30, citing
higher-than-expected foreign currency inflows. RBI received $52.30 billion through FCNR(B) deposits until August 13, the
latest update showed."Based on the encouraging response to the swap facility for FCNR(B) deposits and 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," RBI said. "The swaps under this facility, that is, FCNR(B) deposits, may be availed with RBI till
September 11, 2026." However, the swap scheme for external commercial borrowings (ECBs) and overseas foreign currency
borrowings (OFCBs) will continue until December 31, as planned, RBI said.ET BureauContrary to Guv Remarks The facility,
operationalised on June 8 to boost dollar inflows and strengthen foreign exchange reserves, allows banks to swap
eligible overseas borrowings with the central bank at concessional rates, significantly lowering their cost of funds.
Banks can swap FCNR(B) with the RBI under a zero-cost hedging facility available until September 11.Total foreign
inflows from the special measures announced by the RBI stood at $56.84 billion until August 13, up from $40.81 billion
reported as of July 31. FCNR(B) deposits accounted for most of the inflows at $52.30 billion.Dollar inflows from ECBs
and OFCBs were comparatively modest at $1.74 billion and $2.80 billion, respectively, RBI data showed.Live EventsInflows
through the FCNR(B) scheme have exceeded the $26 billion mobilised under a similar scheme in 2013, less than two months
after the latest window opened on June 8.The early closure of the swap window contrasts with RBI governor Sanjay
Malhotra's comments after the monetary policy review on April 5, when he said the central bank neither planned to
prematurely close the swap window because of robust inflows nor had it received any proposal to extend the timeline
beyond the announced deadline."As of now, there is no proposal under consideration to close the scheme prematurely,"
Malhotra had said after the monetary policy announcement.The comments came in response to concerns over the need to
continue subsidising the swap facility, given that India is in a much stronger position than in 2013, when the FCNR(B)
scheme was launched during the taper tantrum, with substantially higher foreign exchange reserves.India's foreign
exchange reserves rose $14.1 billion to $707 billion in the week ended August 7, the highest level in this fiscal
year.Malhotra, however, had indicated that RBI was comfortable keeping the window open until the announced deadline.
Asked whether the inflows had met the RBI's objectives on the balance of payments, liquidity and reserve adequacy,
Malhotra said, "Yes, as of now, it has ticked all the boxes."Add as a Reliable and Trusted News Source Add Now! (You can
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