RBI Shortens FCNR(B) Swap Window After $56.8 Billion Inflow

The Reserve Bank of India has advanced the deadline for mobilising FCNR deposits under its special USD-INR forex swap facility to August 31, 2026, following strong forex inflows.

The facility has attracted total inflows of $56.85 billion as of August 13, with FCNR deposits contributing $52.3 billion, while OFCBs and ECBs accounted for $2.81 billion and $1.74 billion respectively.

While the FCNR window closes early, the swap facility for ECBs and OFCBs remains operational until December 31, 2026, with banks like Bank of Baroda recently raising $700 million.