RBI Adjusts FCNR Deposit Deadline Following Strong Inflows

Aug 14, 2026

59 min

Aug 14, 2026 15:31

RBI brings forward deadline for banks to raise FCNR deposits after strong response

## New Deadline for FCNR(B) Deposits

The Reserve Bank of India (RBI) has advanced the deadline for banks to mobilize Foreign Currency Non-Resident (Bank) deposits from non-resident Indians. Originally set for September 30, the new deadline is now August 31, 2026. This change comes after the scheme attracted significant foreign currency inflows, totaling over $56 billion.

## Swap Facility Details

Despite the earlier deadline for deposit mobilization, banks can still engage in dollar-rupee swaps with the RBI until September 11. This facility was introduced to boost inflows through FCNR(B) deposits, Overseas Foreign Currency Borrowings (OFCBs), and External Commercial Borrowings (ECBs).

## Breakdown of Inflows

As of mid-August, FCNR(B) deposits accounted for the majority of the inflows, contributing $52.3 billion. OFCBs and ECBs brought in $2.805 billion and $1.741 billion, respectively. The RBI's decision to adjust the timeline is based on the strong response to the FCNR(B) facility.

## Continued Opportunities

While the deadline for FCNR(B) deposits has been moved up, the timelines for OFCBs and ECBs remain unchanged. Banks can continue to mobilize funds through these channels until the end of 2026. This adjustment only affects the FCNR(B) deposits, leaving other borrowing options open for banks.

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