Economy
RBI to Prematurely End FCNR(B) Swap Facility on August 31
Business Standard1h
THE BRIEF
1
The Reserve Bank of India will close its FCNR(B) swap facility on August 31, 2026, one month ahead of the original September 30 deadline, following robust foreign currency inflows.
2
Banks have mobilized $52.3 billion under the scheme as of August 13, contributing to a total forex reserve increase of over $40 billion since the week ended July 3.
3
The RBI's decision follows a record weekly gain of $14.14 billion in reserves for the week ended August 7, bringing total reserves to $707 billion.