RBI Mandates Daily Reporting of FCNR(B) Deposits, ECBs and OFCBs Mobilized under Swap Facility from 22 June 2026

Ø State Bank Issues ADs to Mobilise NRIs for Risk Free Dollar Deposits with Interest 4.4% on Dollar

Ø There is Complete Exemption on Income Tax on FCNR Interest, the Exchange Risk on Dollar Depreciation is Borne by RBI

Ø RBI has directed all AD Category-I banks to submit daily data by 6:00 PM on:

• FCNR(B) Deposits
• External Commercial Borrowings (ECBs)
• Overseas Foreign Currency Borrowings (OFCBs)

Ø Reporting is required for transactions mobilized under RBI's Swap Facility announced on June 8, 2026.

Ø Data must be submitted in prescribed formats to designated RBI email IDs.

Ø Banks must submit a NIL statement on days with no transactions (except Saturdays and holidays).

Ø Backdated reporting for transactions from June 8, 2026 until issuance of this circular must be submitted along with the first report due on June 22, 2026.

Ø Directions have been issued under Sections 10(4), 11(1), and 11(2) of the Foreign Exchange Management Act (FEMA), 1999.

[A.P. (DIR Series) Circular No. 15 dated 19^th June 2026]

Sub: Reporting of FCNR (B) Deposits, ECB and OFCB mobilized under Reserve Bank’s Swap Facility

Attention of Authorised Dealer (AD) Category-I banks is invited to circulars FMOD.MAOG.No.S-56/01.06.016/2026-27 dated June 8, 2026, on ‘Swap Facility for FCNR (B) Deposits’ and FMOD.MAOG.No.S-57/01.06.016/2026-27 dated June 8, 2026, on ‘Swap Facility for External Commercial Borrowings and Overseas Foreign Currency Borrowings’.

2. All AD Category-I banks are advised to submit daily data on FCNR (B) deposits, External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings (OFCBs), mobilized under the provisions of the above FMOD circulars, by 6 p.m. every day. The data shall be submitted in the format provided at Annex I for FCNR (B) deposits to fedcoepd@rbi.org.in, Annex II for ECBs to ecbframework@rbi.org.in and for OFCBs in Annex III to fmrdfx@rbi.org.in. In case of no transactions during the day, a NIL statement should be submitted (except on Saturdays and holidays).

3. The data on FCNR (B) deposits, ECBs and OFCBs from June 08, 2026 till issuance of these directions, shall be submitted along with the first reporting due on June 22, 2026.

4. The directions contained in this circular have been issued under Sections 10(4), 11(1) and 11(2) of the FEMA, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.