Quick Summary
Union Finance Minister Smt. Nirmala Sitharaman reviewed the progress of the Reserve Bank of India's special swap initiatives for FCNR(B) deposits, External Commercial Borrowings (ECBs), and Overseas Foreign Currency Borrowings (OFCBs) during a meeting with Managing Directors and CEOs of Public Sector Banks (PSBs) and Public Financial Institutions (PFIs). The meeting was attended by senior officials from the Department of Financial Services, Department of Economic Affairs, Department of Revenu
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FAQ :
FM Sitharaman reviewed the progress of the Reserve Bank of India's special swap initiatives for FCNR(B) deposits, External Commercial Borrowings (ECBs), and Overseas Foreign Currency Borrowings (OFCBs).
The initiatives have received an encouraging and enthusiastic response from the Indian diaspora abroad, with healthy interest across FCNR(B), ECBs, and OFCBs.
Significant interest has been noted from NRIs residing in Singapore, Hong Kong, West Asia, the United Kingdom, the United States, and other overseas jurisdictions.
Banks are offering attractive returns on FCNR(B) deposits, including on five-year deposits, supported by the suspension of the interest rate ceiling on fresh FCNR(B) deposits under the scheme.
FCNR(B) deposits are eligible under the scheme until September 30, 2026, while ECBs and OFCBs are eligible until December 31, 2026.
Banks have put in place customised outreach strategies, including digital channels, to engage with the non-resident Indian (NRI) diaspora and enhance deposit mobilisation.
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