The Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits have witnessed a sharp rise after the Reserve Bank of India (RBI) introduced a special US Dollar-Rupee forex swap facility, reflecting strong participation from banks and non-resident Indian (NRI) depositors.
As per the data shared in the Lok Sabha by the Ministry of Finance, the outstanding FCNR(B) deposits increased from $32.56 billion on June 5, 2026, to $60.55 billion, registering a surge of 86 percent on July 30, 2026.
State Bank of India, HSBC and ICICI Bank have garnered the largest amounts under a central bank scheme to attract dollar deposits from non-resident Indians, according to the government data.
Further, the HSBC’s India unit raised about $6.14 billion, while State Bank of India, the country’s largest lender, garnered about $4.12 billion between June 5 and July 30, the data showed.
SBI has emerged as the largest mobiliser of FCNR(B) deposits under the RBI’s swap window with its outstanding FCNR(B) deposits rose from $9.70 billion on June 5, 2026, to $13.82 billion on July 30, 2026, an increase of more than $4.12 billion in less than two months.
Replying to an unstarred question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said, “The measure is intended to attract stable foreign currency inflows, strengthen India’s balance of payments and help ease recent pressures on the Indian Rupee.”
He further stated, “The increase in foreign exchange reserves and banking system liquidity will depend on the total amount of foreign currency mobilised under the forex swap facility during the period.”
FCNR(B) Deposits Nearly Double After RBI Swap Window; SBI, HSBC, ICICI Lead Inflows
