Banks mobilise $17.40 billion under special FCNRB scheme
Indian banks raised $17.40 billion from overseas under a special Foreign Currency Non-Resident (Bank) scheme initiated by the Reserve Bank of India (RBI) on June 8, 2026. The scheme aims to enhance capital inflows and bolster the rupee amid economic pressures, including a depreciation against the dollar and rising crude oil prices. With the scheme set to close in September 2026, banks are projected to mobilise over $50 billion by then, reflecting strong interest in the swap facility.