Neutral impactEconomy
Special FCNR (B) deposits final tally at $133 billion: RBI
BusinessLine 6 hrs ago·21 Sept 2026, 3:30 pm
The Reserve Bank of India has announced the final tally for the special FCNR (B) deposit scheme, which closed on August 31. Banks mobilised a total of $133 billion through the Overseas Corporate Bodies (OCB) route. This figure marks a significant accumulation of foreign currency reserves, reflecting the strong appeal of the scheme for non-resident Indians looking to park their funds securely.
For the broader market, this development signals a successful conclusion to a specific liquidity window. While the mobilisation has now slowed, the influx of dollars provides the RBI with ample ammunition to manage the rupee and curb volatility. Investors should watch for how the central bank utilises these reserves in the coming months to maintain stability in the foreign exchange market.
Moving forward, the focus will shift to the normal course of business for banks. The impact of this large deposit pool on the overall liquidity of the banking system and its subsequent effect on domestic interest rates will be key factors to monitor.
Excerpt from BusinessLine
Banks have mobilised $132.980 billion via foreign currency non-resident (Bank)/ FCNR B deposits between June 8 and August 31, 2026, under the central bank’s limited period special US dollar-rupee forex swap facility, per updated figures published by the Reserve Bank of India. This updated FCNR (B) deposit mobilisation…Read the original at BusinessLine
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