RBI’s big forex boost: Banks mobilise $73 billion in just 11 weeks

FCNR(B) deposits alone accounted for $65.40 billion, highlighting the strong response from Non-Resident Indians (NRIs) to the scheme.

The response underscores the continued strength of the Indian diaspora, which has placed its confidence in the country’s banking system and demonstrated its economic and emotional stake in India’s growth story by channeling savings into FCNR(B) deposits at a pace that has exceeded expectations.

With $73 billion mobilised in less than 11 weeks, and another week still remaining, the facility has emerged as one of the largest and fastest foreign-currency mobilisation exercises undertaken by India. It has comfortably surpassed the scale and pace of the RBI’s 2013 FCNR(B) swap scheme, which raised around $26 billion over approximately three months.

The strong response has prompted the RBI to advance the closure of the FCNR(B) window from September 30 to August 31, 2026, after the scheme achieved its target ahead of schedule.

The government said the mobilisation of large-scale, long-term non-resident deposits and commercial institutional funding on tap has strengthened India’s external buffers while ensuring cost efficiency.

The response, it added, reflects confidence in the Indian economy and its resilience despite challenges in the global financial landscape.