# RBI closes FCNR(B) swap facility early after $52.3 billion inflows 2026-08-16T10:48:24+00:00 | Governance | Indian Opinion Desk Corroboration: 2 independent outlets The Reserve Bank of India (RBI) has closed its swap facility for foreign currency non-resident (bank) deposits one month early, effective August 31, after banks mobilised $52.3 billion by August 13. Rediff.com reports that total inflows under the facility stood at $56.85 billion as of that date, including overseas foreign currency borrowings and external commercial borrowings. The original deadline was September 30. The RBI had announced the US Dollar-Rupee swap facility on June 5 for fresh FCNR(B) deposits with a tenor of three to five years. As per RBI's official circular dated August 7, advances against such deposits are excluded from calculation of adjusted net bank credit for priority sector lending targets. The central bank also exempted these deposits from cash reserve ratio and statutory liquidity ratio requirements. Rediff.com notes that India's foreign-exchange reserves surged by over $40 billion since early July, reaching $707 billion by August 7. Economists said the RBI achieved its dollar mobilisation target faster than expected, making further liabilities unnecessary. The scheme for external commercial borrowings and overseas foreign currency borrowings will continue until December 31, 2026. ## Coverage - rbi.org.in - rediff.com This story was synthesised by AI from the 2 sources linked above. Updated: this story now draws on 2 sources. Last updated 2026-08-17T13:05:44+00:00. Tags: CRR, FCNR(B), NRE, Priority Sector Lending, RBI Canonical: https://indianopinion.org/rbi-exempts-fresh-fcnrb-nre-advances-from-priority-sector-targets/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/rbi-exempts-fresh-fcnrb-nre-advances-from-priority-sector-targets/#story-in-brief How this brief was made: an AI model read the reports linked above and wrote this summary and analysis, which were published automatically. Published briefs are sampled every hour by an automated quality check; the editor verifies its findings and approves corrections, and corrected briefs carry a dated correction line. Stance labels are editorial classifications of how each outlet framed this story, assigned by the same model, not ratings of the outlets. We do no original reporting. Methodology: https://indianopinion.org/ai-use-policy/