Special FCNR (B) deposits final tally at $133 billion: RBI

A hand counts US hundred‑dollar bills at a workplace. | Photo Credit: simarik

Banks mobilised $132.98 billion through foreign‑currency non‑resident (Bank) or FCNR(B) deposits from 8 June to 31 August 2026, using the Reserve Bank’s short‑term US dollar‑rupee forex swap facility, according to fresh RBI data.

The revised FCNR(B) deposit figure is $5.574 billion above the earlier $127.226 billion that RBI had reported on 2 September, pending final reporting and reconciliation.

The new numbers follow the expiry of the central bank’s special forex‑swap scheme for FCNR(B) deposits on 11 September 2026.

After the 85‑day special FCNR(B) scheme – which offered rates around 6‑7 % – ended on 31 August, banks’ mobilisation through the overseas foreign‑currency borrowing (OFCB) route also slowed.

$60 million via OFCBs

Between 1 September and 18 September banks raised just $60 million through OFCBs. The borrowed funds were used to provide leverage to NRI customers, which were then placed as sizable FCNR(B) deposits. By 18 September banks had mobilised $5.320 billion, up from $5.260 billion at the end of 31 August 2026.

Public‑sector enterprises continued to raise funds through external commercial borrowing (ECB), collecting $5.296 billion by 18 September, compared with $3.891 billion by 31 August 2026.

In total, foreign‑capital inflows of $143.596 billion were recorded from 8 June to 31 August 2026 across FCNR(B), OFCB and ECB channels, up from $136.377 billion during the 85‑day window that ended on 31 August 2026.

RBI Governor Sanjay Malhotra announced on 5 June measures to attract foreign capital amid rupee volatility caused by rising oil prices and outflows from foreign portfolio investors.

“These steps should bolster our balance of payments, and we will keep fine‑tuning policy to boost exports and attract and incentivise capital inflows,” he added.

Published on September 21, 2026