The Reserve Bank of India's (RBI) special concessional swap facility for Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits has significantly accelerated foreign currency inflows, with outstanding FCNR(B) deposits increasing by approximately 86% within less than two months of the scheme's launch.
As per the latest RBI bank-wise data, outstanding FCNR(B) deposits expanded from USD 32.56 billion on June 5, 2026, to USD 60.55 billion as of July 30, 2026, reflecting a rise of nearly USD 28 billion during the period.
The RBI announced the special liquidity measures on June 5, 2026, with implementation beginning on June 8, 2026, to strengthen India's external sector, support the balance of payments, and encourage foreign currency inflows amid evolving global financial conditions. The initiative provides banks with a concessional swap facility for fresh FCNR(B) deposits mobilised from Non-Resident Indians (NRIs).
The FCNR(B) swap window will remain available until September 30, 2026, while concessional measures relating to Overseas Foreign Currency Borrowings (OFCBs) and External Commercial Borrowings (ECBs) are scheduled to continue until December 31, 2026.
Bank-wise data shows broad participation across public sector, private sector, and foreign banks. State Bank of India (SBI) remained the largest mobiliser, with FCNR(B) deposits increasing from USD 9.70 billion to USD 13.82 billion. Among private lenders, ICICI Bank recorded one of the strongest gains, with deposits rising from USD 2.37 billion to USD 6.06 billion, while HDFC Bank increased its outstanding deposits from USD 4.02 billion to USD 5.42 billion. Axis Bank also reported growth, with FCNR(B) deposits reaching USD 4.67 billion, compared with USD 3.08 billion earlier.
Foreign banks also registered notable growth under the facility. HSBC reported an increase in FCNR(B) deposits from USD 120 million to USD 6.26 billion, while Standard Chartered Bank mobilised USD 1.86 billion after reporting no outstanding FCNR(B) deposits at the start of the period.
The latest figures indicate a strong response from both banks and NRIs, highlighting the effectiveness of the RBI's concessional swap mechanism in enhancing foreign exchange liquidity. With the FCNR(B) window remaining operational until the end of September, additional foreign currency inflows may continue over the coming weeks. CA Sansaar