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FCNR(B) deposits: Who bears the currency risk? | Explained
The Reserve Bank of India launched a special swap facility in June 2026 to attract non‑resident Indian deposits in foreign‑currency non‑resident (FCNR(B)) accounts, later closing the window on August 31, 2026. While the scheme exceeded its $50 billion target by mobilising over $127 billion, the RBI hedged only the principal amount, leaving interest‑payment risk to the banks.
The Hindu National
10 Sept 2026
FCNR(B) depositsRBIforeign exchange reserves
