India's Foreign Currency Non-Resident (Bank) or FCNR(B) deposits have nearly doubled to $60.5 billion, attracting a significant inflow of $28 billion since the RBI announced relaxations in early June. This move aimed to stabilize the rupee and enhance foreign exchange reserves.
$60.55 billion
Current FCNR(B) Deposits
Early June 2026: $32.56 billion→$60.55 billion
⏳ Time Machine
How today’s news fits into the bigger picture
August 2013
Taper Tantrum Response
During the 'Taper Tantrum' when the rupee depreciated sharply, RBI opened a special FCNR(B) deposit window to attract foreign currency, raising over $34 billion.
September 2018
Similar Measures Considered
Amid rising crude oil prices and rupee depreciation, the RBI considered similar FCNR(B) related measures, though ultimately did not implement the full-scale swap window of 2013.
June 2026
RBI Announces Relaxations
The RBI announced temporary relaxations for FCNR(B) deposits, including exemption from CRR/SLR and allowing higher interest rates, coupled with a concessional forex swap facility.
July 2026
Initial Inflow Reports
Early reports indicated a healthy inflow into FCNR(B) deposits, signaling the initial success of the RBI's measures in attracting foreign currency.
Yesterday, August 3, 2026
Deposits Surge to $60.55 Billion
Official figures confirmed that FCNR(B) deposits had surged by approximately $28 billion since early June, reaching $60.55 billion due to RBI's relaxations.
Today
RBI announced FCNR(B) deposits nearly doubled to $60.55 billion after forex relaxation.
What happens next?
The RBI will assess the need to extend temporary FCNR(B) relaxation measures based on evolving global and domestic macroeconomic conditions in the coming months.
The Reserve Bank of India's (RBI) temporary relaxations for Foreign Currency Non-Resident (Bank) deposits have proven highly successful, with FCNR(B) deposits surging to approximately $60.55 billion. This marks a substantial increase of about $28 billion from $32.56 billion recorded before the RBI announced its concessional forex swap facility in early June. The measure, intended to shore up India's foreign exchange reserves and prevent excessive rupee depreciation, has attracted considerable inflows from Non-Resident Indians (NRIs), with major banks like HSBC, SBI, and ICICI leading in garnering these deposits.
💭 If you're wondering…
It's an arrangement where the RBI provides a favorable exchange rate or other incentives to banks for them to raise foreign currency deposits. This reduces the cost for banks to acquire foreign currency, making it more attractive for them.
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Official sources
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