Economy & Bankingv2 · 2 versions
RBI Forex Swap Schemes — FCNR(B), ECB & OFCB
The RBI's two June 2026 swap facilities - a par dollar-rupee swap on fresh FCNR(B) deposits and a concessional swap on qualifying ECBs and OFCBs - were built to pull foreign currency into India and shore up the balance of payments. They worked faster than anyone planned: US$73 billion came in by 21 August 2026, about US$65.40 billion of it through FCNR(B) deposits, so the RBI is shutting the FCNR(B) window a month early, on 31 August 2026 instead of 30 September.
Last updated 27 August 20265 min read
Latest update
Added the outcome: US$73 billion mobilised in eleven weeks (FCNR(B) US$65.40 billion), beating the 2013 scheme, so the FCNR(B) window closes early on 31 August 2026.
- RBI
- FCNR(B)
- ECB
- OFCB
- forex swap
- NRI deposits
- GIFT City
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