Kathmandu. The Reserve Bank of India (RBI) has decided to prematurely discontinue the special foreign currency deposit facility for Non-Resident Indians (NRIs) with effect from August 31, 2026. According to the RBI, the scheme has so far received more than $52.3 billion (more than $52 billion).
Due to the enthusiastic response to the scheme, the new FCNR(B) deposit facility is going to be closed on August 31. The RBI on June 8 allowed banks to collect FCNR(B) deposits of 3 to 5 years from Indians abroad and swap those foreign currencies with the RBI at a special rate.
As of August 13, a total of $56.846 billion has come into India through three channels: FCNR(B), OFCB and ECB. Of this, $2.805 billion came from OFCB and $1.741 billion from ECB.
No new FCNR(B) deposits will be allowed after August 31, but the amount collected under this can be swapped with the RBI till September 11. The ECB and OFCB facilities will remain open until December 31, 2026.
