RBI Forex Swap Schemes — FCNR(B), ECB & OFCB

To pull foreign currency into the economy and shore up the balance of payments, the RBI's 5 June 2026 Monetary Policy Statement announced two swap facilities: one converts fresh FCNR(B) deposit inflows into rupees at par, the other gives cheaper-than-market swap cover to qualifying external commercial borrowings (ECBs) and overseas foreign-currency borrowings (OFCBs). On 13 July, Finance Minister Nirmala Sitharaman reviewed progress with public-sector bank chiefs, who reported an enthusiastic response from the NRI diaspora.