CA Rachana Ranade Official

Hello everyone! Please note that today’s livestream has been cancelled due to unavoidable circumstances. We sincerely apologize for the inconvenience and appreciate your patience and understanding. 🙏 Thank you!

Hello everyone, please note that today’s livestream has been cancelled. We will be scheduling it for tomorrow, Friday, at 2:30 PM. Thank you!!

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RBI attracted $52 billion through FCNR(B). So why did it end the facility early? The Indian rupee has depreciated around 9% in 2026, putting pressure on inflation, imports and India's external position. To attract more dollars into India, the RBI introduced a special FCNR(B) swap facility on June 8.FCNR(B) is essentially a foreign-currency fixed deposit for NRIs. The special swap allowed banks to swap the dollars they raised with the RBI for rupees, reducing their currency-hedging burden. Eligible 3–5 year deposits also received CRR and SLR exemptions, making the facility even more attractive to banks. Banks then offered more attractive FCNR(B) rates, encouraging NRIs to bring their dollars into India.And the response was huge.$52.3 billion was mobilised through FCNR(B) deposits between June 8 and August 13.But then came the surprise. On August 14, the RBI announced that the special FCNR(B) mobilisation deadline would be brought forward from September 30 to August 31.Why?The RBI had already achieved its objective much faster than expected. Attracting even more dollars could also increase dollar supply and rupee demand, creating appreciation pressure on the rupee and potentially affecting export competitiveness. So this wasn't RBI saying it no longer wanted dollars.It was about balance: attract enough foreign currency to strengthen India's external position, but don't keep providing extraordinary incentives once the objective has largely been achieved. To know more: https://youtu.be/fgk__RVsV4A?si=lT1X10GyDLBhGLWE

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