What changed
- RBI introduces a US Dollar-Rupee swap facility for fresh FCNR(B) dollar funds as per Governor's Statement dated June 5, 2026
- Fresh FCNR(B) deposits of minimum tenor of three years and maximum tenor of five years mobilized between June 8, 2026, and September 30, 2026 are exempt from CRR and SLR
- The CRR exemption starts from the reporting fortnight beginning July 1, 2026
What it means for you
- SFBs can mobilize fresh FCNR(B) deposits of minimum tenor of three years and maximum tenor of five years without maintaining CRR and SLR
- Exemption is available for deposits mobilized between June 8, 2026, and September 30, 2026
- The CRR exemption applies from the reporting fortnight beginning July 1, 2026
- This will help SFBs attract fresh FCNR(B) deposits and support economic growth
What you must do
- SFBs must mobilize fresh FCNR(B) deposits between June 8, 2026, and September 30, 2026
- SFBs must maintain records of fresh FCNR(B) deposits mobilized during this period
- SFBs must comply with RBI's guidelines and regulations
Who it affects
Small Finance Banks (SFBs), FCNR(B) depositors, Economic growth
What is the US Dollar-Rupee swap facility?
The US Dollar-Rupee swap facility is a facility introduced by RBI as per the Governor's Statement dated June 5, 2026, to support the mobilization of fresh FCNR(B) dollar funds.
What is the exemption period for fresh FCNR(B) deposits?
The exemption period is between June 8, 2026, and September 30, 2026.
What are the conditions for exemption from CRR and SLR?
The exemption is available for fresh FCNR(B) deposits of minimum tenor of three years and maximum tenor of five years mobilized between June 8, 2026, and September 30, 2026. The CRR exemption starts from the reporting fortnight beginning July 1, 2026.