Outstanding FCNR(B) deposits rose from $32.56 billion on June 5 to $60.55 billion by July 30 following the RBI's special US dollar-rupee forex swap scheme.
State Bank of India emerged as the largest contributor, with its FCNR(B) deposits increasing to $13.82 billion, ahead of HSBC, ICICI Bank, HDFC Bank and Axis Bank.
The temporary forex swap facility aims to attract stable foreign currency inflows, strengthen India's balance of payments, bolster forex reserves and support the rupee while offering regulatory relief on CRR and SLR requirements.
RBI's Forex Swap Push Drives 86% Surge in FCNR(B) Deposits to $60.55 Billion
Outstanding FCNR(B) deposits crossed $60 billion within two months of the RBI's special forex swap window, with SBI emerging as the largest mobiliser
Summary
Advertisement
Outstanding Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits rose 86% to $60.55 billion as of July 30, 2026, from $32.56 billion on June 5, following the Reserve Bank of India's (RBI) special US dollar-rupee forex swap facility introduced on June 8.
The scheme was launched to attract stable foreign currency inflows, strengthen India's balance of payments, bolster foreign exchange reserves and support the rupee amid global market volatility.
The latest figures were shared by the Ministry of Finance in a written reply to the Lok Sabha, according to a Moneycontrol report.
SBI Tops FCNR(B) Mobilisation
State Bank of India (SBI) emerged as the largest contributor under the special swap window. The lender's outstanding FCNR(B) deposits increased from $9.70 billion on June 5 to $13.82 billion by July 30, an increase of $4.12 billion in less than two months.
Among other major authorised dealer banks, HSBC held outstanding FCNR(B) deposits of $6.26 billion, followed by ICICI Bank ($6.06 billion), HDFC Bank ($5.42 billion) and Axis Bank ($4.67 billion).
Advertisement
Together, the five banks accounted for a significant portion of the total deposits mobilised under the scheme.
Swap Window Open Till October
The RBI's special forex swap facility will remain available until October 16, 2026. It covers fresh FCNR(B) deposits with maturities ranging from three to five years, provided they are mobilised between June 8 and September 30.
To encourage participation, the central bank has exempted eligible deposits from Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) requirements.
Government Highlights External Sector Benefits
Responding 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 added that the eventual increase in foreign exchange reserves and banking system liquidity would depend on the total amount of foreign currency mobilised through the facility.
Advertisement
The government also noted that the cost of the swap window would vary depending on factors such as the volume of inflows, maturity profile and forward premia.
It added that the RBI has an established framework to manage risks associated with the country's foreign exchange reserves.
According to the government, the initiative is a temporary measure aimed at strengthening India's external financing position while maintaining safeguards against currency and exchange-rate risks.