The Reserve Bank of India’s (RBI) special US Dollar-Rupee forex swap facility for fresh Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits has triggered a sharp rise in foreign currency inflows, with total FCNR(B) deposits nearly doubling from USD 32.56 billion on June 5, 2026, to USD 60.55 billion as on July 30, 2026.
The figures were shared by Union Minister of State for Finance Pankaj Chaudhary in a written reply in the Lok Sabha on Monday.
According to the RBI data, aggregate FCNR(B) deposits of cooperative banks increased from USD 28.40 million to USD 29.10 million during the period. Among the banks specifically identified in the RBI’s bank-wise statement, Bassein Catholic Co-operative Bank Ltd. reported FCNR(B) deposits of USD 1.76 million as on June 5, which declined to nil by July 30.
The RBI launched the forex swap facility on June 8, 2026, for fresh FCNR(B) deposits with maturities of three to five years. Eligible deposits mobilised up to September 30, 2026, have also been exempted from Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) requirements to encourage foreign currency inflows.
