1 month ago
RBI Swap Facility Drives 86% Surge in NRI Dollar Deposits
The Reserve Bank of India (RBI) started a special program on June 8, 2026 to help banks keep foreign money safe.
Because of this, a lot of people living abroad put more dollars into Indian banks.
The total amount of these deposits jumped from about $32.5 billion to $60.5 billion in just two months.
HSBC and Standard Chartered were the biggest winners, adding millions of dollars.
The RBI will keep this program open until the end of September 2026 for these deposits.
RBI’s concessional swap facility launched June 8, 2026, spurred FCNR(B) deposits to rise 86% from $32.5B to $60.5B between June 5 and July 30, 2026.
HSBC led the surge, increasing deposits from $120.3M to $6.26B, a 52‑fold jump, while Standard Chartered grew from zero to $1.86B.
Foreign banks’ share of dollar deposits jumped 15‑fold, from $603M to $8.97B, surpassing public and private sector banks’ growth rates.
State Bank of India remained the largest bank, adding $13B in deposits, but its growth rate was 43%.
RBI will keep the swap facility open until September 30, 2026 for FCNR(B) deposits, and until December 31, 2026 for OFCBs and ECBs.
- Who
- Reserve Bank of India, major Indian banks, NRIs
- What
- Surge in FCNR(B) deposits after RBI's swap facility launch
- Where
- Indian banking system
- When
- June 5 to July 30, 2026 (facility launched June 8, 2026)
- Why
- RBI introduced the facility to attract capital inflows and hedge currency risk
Key facts
- RBI swap facility launch date
- June 8, 2026
- FCNR(B) deposit increase
- 86% (from $32.5B to $60.5B)
- HSBC deposit jump
- $6.26B (52x)
- State Bank of India deposit increase
- $13B
- Facility end date for FCNR(B)
- September 30, 2026
Sources
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