New Delhi, June 9 -- The Reserve Bank of India (RBI) has introduced a US dollar-rupee forex swap facility for banks mobilising fresh Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits with maturities ranging from three to five years, as part of measures to attract foreign currency inflows.

RBI Launches Forex Swap Facility For FCNR(B) Deposits

Under the scheme, authorised dealer category-I banks can access the facility for eligible FCNR(B) deposits raised in any freely convertible currency. However, swap transactions with the RBI will be conducted only in US dollars, reported Business Standard.

The central bank also exempted fresh FCNR(B) deposits mobilised between the date of the circular and September 30, 2026, from the maintenan...