The Reserve Financial institution of India has determined to shut its swap facility for FCNR(B) deposits forward of schedule, citing an encouraging response to the scheme and the resultant overseas change inflows.
In a press launch, the RBI mentioned the swap facility will now be out there just for FCNR(B) deposits mobilised until August 31, 2026, and banks can avail of swaps beneath this facility with the central financial institution until September 11, 2026.
The scheme for exterior business borrowings (ECBs) and abroad overseas forex borrowings (OFCBs), nonetheless, will proceed to stay open until December 31, 2026, as beforehand introduced.
“Based mostly on the encouraging response to the Swap Facility for FCNR(B) deposits and the resultant foreign exchange inflows, it has been determined that the Swap facility for FCNR(B) deposits will probably be out there just for deposits mobilized until August 31, 2026. The Swaps beneath this facility i.e. FCNR(B) deposits, could also be availed with RBI until September 11, 2026. The Scheme for ECBs and OFCBs will proceed to be open until December 31, 2026, as hitherto,” the RBI mentioned in a launch on Friday.
