समाचार में क्यों
- RBI's special USD-INR forex swap facility mobilized $73 billion in eleven weeks, leading RBI to advance its closure date to August 31, 2026.
मुख्य शब्द
FCNR(B) Deposit
Foreign Currency Non-Resident (Bank) deposits maintained by NRIs in designated foreign currencies with fixed returns.
FX Swap
An agreement to exchange currency in the spot market and reverse the transaction at a predetermined future date.
What is the Special Swap Facility?
- Introduced on June 8, 2026, to attract foreign currency through FCNR(B) deposits, Overseas Foreign Currency Borrowings (OFCB), and External Commercial Borrowings (ECB).
- Allows banks to swap mobilised US dollars for Indian rupees with the central bank at fixed swap windows, hedging currency risk.
Performance and Significance
- Raised $73 billion in under 11 weeks, exceeding the $26 billion raised during the 2013 taper-tantrum swap window.
- FCNR(B) deposits contributed $65.40 billion of the total mobilization.
- Strengthens India's foreign exchange reserves and external sector buffers without increasing sovereign debt.
प्रीलिम्स तथ्य
- FCNR(B) deposits are exposed to currency risk for the bank, but swap windows transfer or hedge this risk with the RBI.
मेंस चर्चा
- Role of deposit swap facilities in defending capital accounts during global financial volatility.
स्रोत: PIB English
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