Archive · 30 Jul 2026
RBI Launches Swap Facility to Attract $17B NRI Deposits
The Reserve Bank of India (RBI) started a new program that lets banks offer better interest rates to people living abroad who want to keep their money in dollars.
This program protects banks from the rupee losing value against the dollar.
In the first 40 days, banks got $17 billion from these foreign investors.
The total amount of dollar deposits in India is now about $34 billion.
But the amount of new money coming in has dropped a lot, so the RBI wants to bring more dollars back into the country.
They expect to get $65‑$70 billion in the next three months.
RBI’s new USD‑INR forex swap facility has attracted $17 billion in FCNR(B) deposits in 40 days.
The facility, available for 3‑5 year terms, shields banks from rupee depreciation and lifts interest rate ceilings for NRIs.
Total FCNR(B) outstanding rose to $34 billion by May 2026, up from $33.7 billion in March.
NRI deposits have fallen sharply, with FCNR(B) inflows dropping to $282 million in April‑May 2026.
RBI expects the swap scheme to mobilise $65‑$70 billion from NRIs over the next three months.
- Who
- Reserve Bank of India
- What
- launched a USD‑INR forex swap facility for FCNR(B) deposits
- When
- June 2026
- Where
- India
- Why
- to attract NRI dollar deposits and strengthen the balance of payments
- RBI Swap Facility Duration
- 3-5 years
- FCNR(B) Inflows (40 days)
- $17 billion
- FCNR(B) Outstanding (May 2026)
- $34 billion
- FCNR(B) Inflows (Apr‑May 2026)
- $282 million
- Projected Mobilization (3 months)
- $65‑$70 billion