The Reserve Bank of India has asked banks to submit daily data on foreign currency non-resident (bank)/ FCNR (B) deposits, external commercial borrowings (ECBs) and overseas foreign currency borrowings (OFCBs) being mobilised by them under its limited period measures to attract foreign capital.
“In case of no transactions during the day, a NIL statement should be submitted…The data on FCNR (B) deposits, ECBs and OFCBs from June 8 till issuance of these directions, shall be submitted along with the first reporting due on June 22,” the central bank said.
Banks’ sharply upped interest rates on FCNR (B) US dollar deposits recently in the 3-5 years tenor. The interest rates have been increased to 6-7 per cent thereabouts, from the earlier 3 per cent odd levels.
This upward revision in interest rates comes in the wake of RBI, as part of its June 5th measures to attract Dollars to stabilise the Rupee, announcing that it will bear the full hedging cost on fresh 3–5-year FCNR (B) deposits that Banks’ mobilise up to 30th September 2026.
Moreover, such deposits have been exempted from statutory pre-emptions such as cash reserve ratio and statutory liquidity ratio, enabling banks to deploy the entire proceeds as loans.
As part of the measures, announced on June 5 to attract foreign capital, the RBI is providing a facility of concessional forex swap will be provided till 30th September 2026 to incentivise ECBs by public sector units.
Published on June 19, 2026
